Lone Star College System lowers tax rate

Lone Star College System has lowered its property tax rate by nearly 7 percent for the 2014–15 fiscal year. The board voted Sept. 4 to reduce the rate to $0.1081 per $100 of property valuation, down from $0.1160 last year.

The reduction means that a homeowner residing in the LSCS service area with a home valued at $100,000 would pay about $103 annually in taxes based on the new rate, compared to $110 with the previous rate.

"We take our financial responsibility very seriously and are committed to being good stewards of the taxpayer's hard-earned money," LSCS Chancellor Steve Head said. "This tax decrease is the second largest in our history and the biggest since 1974."

Property values in the LSCS service area increased by around 7 percent, according to estimates from Harris and Montgomery county appraisal districts. The tax rate was lowered by 7 percent using a net effective rate to ensure taxpayer bills do not increase, LSCS Chief Financial Officer Cynthia Gilliam said.

The system will still bring in several million dollars in additional tax revenue from the roughly $4.4 billion in new property added to the tax rolls this year, she said.

This is the third consecutive year LSCS has reduced its property tax rate. The cut comes two months before the system seeks voter approval for a $485 million bond referendum. The system is seeking bond funding to build new facilities at its campuses and renovate existing facilities.

Meetings

Lone Star College

5000 Research Forest Drive, The Woodlands 832-813-6521

www.lonestar/edu/board

Nov. 6

Meetings are typically the first Thursday of the month at 5 p.m.