Victoria College taxpayers could see a slight decrease on their tax bill when it arrives in a few weeks.
The board unanimously approved a 22.06 cents per $100 evaluation tax rate, which is a slight decrease from the current rate of 22.35 cents per $100.
The board approved the new rate Monday afternoon after previously holding two public hearings.
The trustees must adopt a tax rate every year based on property values determined by the Victoria County Appraisal District and the effective and rollback tax rate issued by the Victoria County Tax Assessor, explained Jennifer Yancey, Victoria College Advancement and External Affairs vice president.
“The effect on a property owner is dependent on their property value this year,” she said.
If a resident’s property value stayed the same from this year to last, then their rate is going down, but if their value increased then so will their taxes to the college.
The owner of a home valued at $100,000 both years will save about $3 on taxes before exemptions, going from $223.50 with the current rate to $220.60 with the new rate.
About 18.22 percent of the taxes will go toward maintenance and operations of the college and .0834 to debt services, Yancey said.
Homeowners will see the new rate this year.