Victoria College has proposed a tax rate that could increase how much some homeowners pay in property taxes this year.
Last year, the tax rate was 22.35 cents per $100 of assessed valuation, which imposed $345.40 on the average home. Under the proposed tax rate of 22.06 cents per $100 of assessed valuation, the amount of taxes imposed on the average home would be $363.30.
Although the proposed tax rate is lower, a property could see an increase in taxes if there was an increase in property value, said Jennifer Yancey, the vice president of college advancement and external affairs.
“When we received our calculations from the tax assessor, overall values in Victoria County – this includes land, home sites and commercial – increased by about 6%,” she said.
Last year, the average taxable value of a home in the Victoria Junior College taxing district was $154,541. This year, the average value of a home in the district is $164,685, according to the college.
“Those who did see an increase would then see an increase in their tax payment,” Yancey said. “It all depends on the individual property.”
The Victoria College board proposes to drop the tax rate between the current rate and the effective rate of 21.02 per $100 of assessed valuation, Yancey said.
The proposed rate would bring in about $15,053,804 in property taxes, an increase of revenue of $651,946, she said.
There will be two public hearings for the proposed tax rate, and residents will be able to address the board with any concerns about the proposed rate. The first public hearing will be at 4 p.m. Monday at the Corporate Training Room at the college. The second hearing is scheduled for 4 p.m. Sept. 3 at the same location.
The proposed rate could change, she said.
“That’s the intent of the public hearing – for the board members to hear from any concerned citizens regarding the rate,” Yancey said.
The tax rate is scheduled to be adopted Sept. 16.
The board will also consider the 2019-2020 budget during the meeting Monday. The board is proposing a budget of $33 million, a decrease from last year’s budget of $34 million.
The decrease is linked to the college seeing an $88,000 decrease in state appropriations for the next two years, along with a decrease in auxiliary services.
The proposed budget also includes salary adjustments for employees, including a 1.15% step increase and cost-of-living increase of 1.38% for eligible employees.
After taking account of all employees, retirements and terminations, the cost of salaries is expected to increase $443,000, Yancey said.
The new budget will go into effect Sept. 1.