The Lone Star College System Board of Trustees voted unanimously Sept. 4 to reduce the property tax rate to 10.81 cents per $100 property evaluation for the 2014-15 tax year, which represents a significant 7 percent decrease.
This is the third year in a row LSC has lowered the tax rate and is the largest decrease in 40 years.
“We take our financial responsibility very seriously and are committed to being good stewards of the taxpayer’s hard-earned money,” said Stephen C. Head, LSC chancellor. “This tax decrease is the second largest in our history and the biggest since 1974.”
Board members unanimously approved the recommendation to lower the tax rate at its regular board meeting Sept. 4.
The tax rate drops to 10.81 cents per $100 property valuation from the previous level of 11.60 cents per $100 property valuation.
This means that a LSC homeowner with a house valued at $100,000 would pay $103 annually in taxes based on the new tax rate, compared to $110 previously (not including potential additional exemptions which would lower the taxes further.)
Disabled residents and those over 65 years of age residing in the LSC service area are also eligible for the system’s $75,000 property tax exemption and tax freeze, where the actual dollar amount owed is frozen as of the date the taxpayer qualifies for the exemption – even if the property value increases.
“The Lone Star College System Board understands it must make sure taxpayer dollars are used in the most cost-efficient manner possible,” said Dr. David Holsey, chair of the LSCS Board. “Being able to lower the tax rate once again doesn’t happen by magic, but by the incredibly talented group of leaders from the chancellor to the faculty.
“And, when you factor in Lone Star College adding $3.1 billion in economic impact every year, it’s easy to see what a great value this institution is to the community,” Holsey added.
LSC also reduced the tax rate the previous two years as well.
Lone Star College System has been opening doors to a better community for more than 40 years. Founded in 1973, LSCS remains steadfast in its commitment to student success and credential completion. Today, with almost 83,000 students in credit classes, and a total enrollment of more than 90,000, Lone Star College System is the largest institution of higher education in the Houston area and one of the fastest-growing community college systems in the nation. Stephen C. Head, Ph.D., is the chancellor of LSCS, which consists of six colleges including LSC-CyFair, LSC-Kingwood, LSC-Montgomery, LSC-North Harris, LSC-Tomball and LSC-University Park, seven centers, LSC-University Center at Montgomery, LSC-University Center at University Park, Lone Star Corporate College, and LSC-Online.