The Central Texas College board approved a new tax rate of about 14.83 cents per $100 property valuation during a meeting Tuesday at the Anderson Campus Center.
The new rate affects property owners within the CTC jurisdiction, which includes the Copperas Cove and Killeen Independent School districts’ taxing districts.
The increase in the total tax revenue from properties on the tax roll is a 6.99 percent increase from last year, according to the college.
“We did decide to raise the tax rates, but not one dime of the taxpayer’s money leaves Bell and Coryell counties,” CTC board member Rex Weaver said. “It all stays right here.”
The new rate means the amount of taxes imposed on the average home, which is valued at about $141,012 in the CTC jurisdiction, would be $209.12 annually.
This is an increase from last year’s amount of $192.80 worth of taxes imposed on the average homestead, which was valued at $137,816.
The total tax revenue this year is $14,720,323.13, including money from new properties on the tax roll. Last year, it was $13,622,238.53, according to the college.
According to CTC records, the tax rate was raised from 13.66 cents per $100 of taxable value to 13.99 cents in fiscal year 2018.
Barbara Merlo, the CTC director of marketing and outreach, said previously that revenue generated from the tax increase would help with the operations funding.
“In order to maintain what we do as a community college in offering affordable, accessible education to everyone, we must be able to pay our bills and keep the campus operating,” Merlo said. “We are pulling where we can to keep the college affordable. Our goal is to be good stewards of the taxpayers.”
She said Central Texas College funding comes from three primary sources: tuition revenue, state appropriations and local tax revenue.
CTC Chancellor Jim Yeonopolus said last month the increased tax rate will help offset declining tuition revenue due to lower military enrollments outside Texas.
He said there is also a lack of relief from the state to help with the impact of disabled veteran property tax exemptions that have decreased overall tax revenues.
“Under the present circumstances, CTC has made the tough decision to consider an increase to the current tax rate,” Yeonopolus said in a statement emailed to KDH last month.