The Lone Star College Board of Trustees voted to keep the tax rate at 10.78 cents per $100 property evaluation for the 2017-18 tax year during a special meeting held Oct. 12.
“We take our financial responsibility very seriously and are committed to being good stewards of the taxpayers’ money,” said Stephen C. Head, Ph.D., LSC chancellor.
LSC had the fifth lowest tax rate of the 50 community colleges in Texas for fiscal year 2017.
A LSC homeowner with a house valued at $100,000 would pay $108 annually in taxes based on the 2017-2018 tax rate (not including potential additional exemptions which could lower the taxes further).
Homeowners are eligible for a Homestead Exemption of $5,000 or 1 percent of the value of the home (whichever is greater). Taxes are frozen for disabled residents and those over 65 years of age residing in the LSC service area as part of the college’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.
“We are grateful for the support we receive from the community,” Head added. “In addition to our strong academic transfer option, Lone Star College has several new workforce centers of excellence opening. We are very excited about the future.”
Harris County accounts for more than 75 percent of the LSC tax base. Montgomery County makes up the nearly 25 percent. Property taxes provide 40 percent of the funding sources for the 2017-18 LSC budget. Student tuition and fees account for 34 percent, the state of Texas contributes 21 percent, and 5 percent comes from other sources.
“The average taxable value of residence homestead in the LSC district rose 2.9 percent from last year,” said Jennifer Olenick, LSC chief financial officer and executive vice chancellor Finance & Operations. “The strong economy within our service area also resulted in a significant increase in the number of new properties added to the tax rolls.”
Lone Star College offers high-quality, low-cost academic transfer and career training education to 95,000 students each semester. LSC is training tomorrow’s workforce today and redefining the community college experience to support student success. Stephen C. Head, Ph.D., serves as chancellor of LSC, the largest institution of higher education in the Houston area with an annual economic impact of $3.1 billion. LSC consists of six colleges, eight centers, two university centers, Lone Star Corporate College and LSC-Online. To learn more, visit LoneStar.edu.