Lone Star College System approves lower property tax rate for FY 2023-24

The Lone Star College System board of trustees approved the new property tax rate for fiscal year 2023-24 during a special meeting Oct. 5.

In a nutshell

The motion passed unanimously. The tax rate consists of a maintenance and operations rate as well as an itnerest and sinking rate.

• The approved tax rate for FY 2023-24 is $0.1076 per $100 valuation.
• The maintenance and operations tax rate decreased from $0.0737 to $0.0732.
• The interest and sinking tax rate increased from $0.0341 to $0.0344.
• The tax rate for FY 2022-23 was $0.1078 per $100 valuation.

According to trustee Michael Stoma, the new rate will allow Lone Star College to pay off $30.25 million of debt early, saving taxpayers $9.7 million in interest payments.

“Lone Star College takes its fiduciary responsibility very seriously and is proud to be in the position to offer this relief,” Stoma said. “The board appreciates the citizens who attend our meetings and participate in the public comment to share their concerns with us. We do listen and are ready to make changes when necessary.”

In case you missed it

The LSCS board also approved an updated homestead exemption rate during its June meeting.

• The board of trustees approved a 7% increase in the homestead exemption.
• The new exemption will be $5,000, or 8% of the assessed value of a home, whichever is greater.

FY 2023-24 officially started Oct. 1.