The tax rate for the East Central College district will increase slightly for the upcoming year.
The ECC board of trustees unanimously approved the tax rate following the annual tax levy hearing held at the college Monday.
The property tax rate for 2013-14 was set at .4541 cents per $100 of assessed valuation, an increase of 1.4 cents over the 2012 rate.
The tax levy is broken into two categories comprised of an operating levy of .3700 cents and a debt service levy of .0841 cents.
The operating levy was set at the maximum legal rate, while the debt service levy was approved at 1.6 cents below the authorized maximum rate of 10.01 cents.
When voters approved a general obligation bond issue in 2006 for construction of the health and science building, the college committed to maintaining the debt service levy at its then-current rate, President Jon Bauer said.
ECC Vice President of Finance and Administration Phil Pena said the operating levy is expected to produce more than $6 million in local revenue for the fiscal year that began July 1, 2013.
“The debt service levy adjusts each year according to the college’s schedule of principal and interest payments for existing general obligation bonds,” Pena said.
Pena said the debt service levy is expected to generate $1.4 million in revenue, however, that revenue can only be used for debt retirement.
The valuation of the taxable property within the junior college district for 2013 is more than $1.6 billion ($1,606,469,050), a decrease of more than $65 million from 2012. Of that taxable property, $1,267,251,029 is in real estate assessed valuation, and $339,218,021 in personal property.
No citizens appeared before the board to comment on the proposed tax rate. The levy hearing was held prior to the regular monthly meeting of the board.
The college’s taxing district takes in approximately 1,000 square miles and includes the major portion of Franklin County and smaller portions of Crawford, Gasconade, St. Charles, Warren and Washington counties.