The Lone Star College Board of Trustees voted to approve lowering the LSC fiscal year 2024 tax rate during its October meeting. The motion passed with a 7 – 0 vote.
“Lone Star College takes its fiduciary responsibility very seriously and is proud to be in the position to offer this relief,” said Michael Stoma, LSC Board of Trustees chair. “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.”
The board agreed to lower the Maintenance and Operations (M&O) tax rate from $0.0737 to $0.0732. They also approved raising the Interest and Sinking (I&S) tax rate from $0.0341 to $0.0344, bringing the total tax rate to $0.1076.
“This new rate allows Lone Star College to pay off $30.25 million of debt early, saving the taxpayers $9.7 million in interest payments,” said Stoma.
LSC already enjoys one of the lowest tax rates among Texas community colleges and has lowered or maintained the same rate since 2015.
“In addition to lowering the tax rate, the board also voted to approve an updated Homestead Exemption rate during its June meeting, resulting in homeowners paying less taxes for the 2023 tax year,” said Jennifer Mott, LSC CFO. “The new Homestead Exemption will be $5,000, or 8% of the assessed value of a home, whichever is greater.”
Homestead exemptions remove part of a home's value from taxation thereby lowering the taxes owed.
Lone Star College enrolls over 80,000 students each semester providing high-quality, low-cost academic transfer and career training education. LSC is training tomorrow’s workforce today and redefining the community college experience to support student success. Mario K. Castillo, J.D., serves as Chancellor of LSC, the largest institution of higher education in the Houston area. LSC has been named a 2023 Great Colleges to Work For® institution by the Chronicle of Higher Education and recognized by Fortune Magazine and Great Place To Work® as one of this year’s Best Workplaces in Texas™. LSC consists of eight colleges, seven centers, eight Workforce Centers of Excellence and Lone Star Corporate College. To learn more, visit LoneStar.edu.