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Tax Rate & Budget Notices

Grayson College is a good steward of public funds and strives to maintain an open and transparent account of its finances and policies. The following information is made available to keep the public informed of the Board of Trustees work toward finalizing the proposed budget for the next academic year.

 

Notice about 2021 Tax Rates

 

Property Tax Rates in Grayson College.

This notice concerns the 2021 property tax rates for Grayson College.

This notice provides information about two tax rates used in adopting the current tax year’s tax rate. The no-new-revenue tax rate would impose the same amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.

This year’s no-new-revenue tax rate         $0.161407 / $100

This year’s voter-approval tax rate           $0.171098 / $100

To see full calculations, please visit grayson.edu for a copy of the Tax Rate Calculation Worksheet.


Unencumbered Fund Balances

The following estimated balances will be left in the taxing unit’s accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.

Type of Fund

Balance

Unrestricted

$30,000,000

General Obligation Bonds

$4,420,000

Current Year Debt Service

The following amounts are for long-term debts that are secured by property taxes. These amounts will be paid from upcoming property tax revenues.

Description of Debt

Principal or Contract Payment to be Paid from Property Taxes

Interest to be Paid from Property Taxes

Other Amounts to be Paid

Total Payment

GO Refunding Series 2016

$2,140,000

$990,650

$0

$3,130,650

Total required for 2021 debt service $3,130,650
Amount paid from funds listed in unencumbered funds $0
Amount paid from other resources $0
Excess collections last year
= Total to be paid from taxes in 2021 $3,130,650
+ Amount added in anticipation that the taxing unit will collect only a percentage of its taxes in 2021 $0
Total Debt Levy $3,130,650

                  


Notice of Public Hearing on Tax Increase

 

A tax rate of $.168053 per $100 valuation has been proposed by the governing body of Grayson College.

 

         PROPOSED TAX RATE                  $.168053 per $100

         NO-NEW-REVENUE TAX RATE      $.161407 per $100

         VOTER-APPROVAL TAX RATE       $.172733 per $100

 

The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property revenue for Grayson College from the same properties in both the 2020 tax year and the 2021 tax year.

The voter-approval rate is the highest tax rate that Grayson College may adopt without holding an election to seek voter approval of the rate.

View the 2021 tax rate calculation worksheet for more information.

The proposed tax rate is greater than the no-new-revenue tax rate. This means that Grayson College is proposing to increase property taxes for the 2021 tax year.

The first public hearing will be held on AUGUST 13, 2021 at 3PM at GRAYSON COLLEGE MAIN CAMPUS STUDENT SUCCESS CENTER BOARD ROOM, 6101 GRAYSON DR., DENISON, TX.

The second public hearing will be held on AUGUST 17, 2021 at 9AM at GRAYSON COLLEGE MAIN CAMPUS STUDENT SUCCESS CENTER BOARD ROOM, 6101 GRAYSON DR., DENISON, TX.

The proposed tax rate is not greater than the voter-approval tax rate. As a result, Grayson College is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the Office of the President of Grayson College at their offices or by attending the public hearing mentioned above.

YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:

 

Property tax amount = (tax rate) x (taxable value of your property) / 100

 

The members of the governing body voted on the proposal to consider the tax increase as follows:

FOR: Jackie Butler, Ronnie Cole, Dr. Debbie Barnes-Plyler, Dr. Mack Broiles, Dr. John Spies, Krista Hartman

AGAINST: None

PRESENT and not voting: None

ABSENT: Terrence Steele


The 86th Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of properly taxes in the state. 

The following table compares the taxes imposed on the average residence homestead by Grayson College last year to the taxes proposed to be imposed on the average residence homestead by Grayson College this year.

 

 

2020

2021

Change

Total tax rate (per $100 of value)

$.177334

$.168053

Decrease of 5.23%

Average homestead taxable value

$147,123

$181,210

Increase of 23.17%

Tax on average homestead

$260.90

$304.53

Increase of 16.72%

Total tax levy on all properties

$20,943,232

$22,161,237

Increase of 5.82%

 

For assistance with tax calculations, please contact the tax assessor for Grayson College at 903.464.8630 or publicinformation@grayson.edu or visit grayson.edu.