Lone Star College System board of trustees lowered the 2008 tax rate at the Sept. 4 regular board meeting. The board previously adopted the 2008-2009 budget of $219,620,000 at the Aug. 7 meeting.
“Once again, the Lone Star College System board of trustees has demonstrated its strong commitment to fiscal responsibility,” said Lone Star College System chancellor Dr. Richard Carpenter.
The 2008-09 tax rate of 11.01 cents per $100 property valuation means owners of a $100,000 home would pay $93.59 annually in college district taxes.
The maintenance and operations tax rate decreased from 8.09 cents to 7.66 cents (5.3 percent), while the interest and sinking tax rate remained at 3.35 cents.
“The rate of $0.0335 for interest and sinking will generate sufficient tax revenues to pay debt obligations for the 2008-09 fiscal year,” said Cindy Gilliam vice chancellor of business affairs and chief financial officer for LSCS.
This most recent tax cut marks the seventh cut by Lone Star College System since 1997. LSCS has one of the lowest percentages of total expenditures for administration of all community colleges in Texas.
In Sept. 2006, the Lone Star College board of trustees voted to freeze taxes for homeowners over 65 or disabled residents. The tax freeze means homeowners age 65 years or older will never pay more taxes than they paid in 2006, as long as they own their existing home. The notable exception is a home that is renovated or substantially expanded and, therefore, reappraised at a higher value.
Lone Star College System consists of five colleges, including LSC-CyFair, LSC-Kingwood, LSC-Montgomery, LSC-North Harris, and LSC-Tomball, six centers and LSC-University Center. With more than 50,000 students, it is the largest institution of higher education in the Houston area, and third largest community college district in Texas. To learn more, visit LoneStar.edu.
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