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During Monday’s meeting of the Howard College Board of Trustees, it was announced that Howard College’s proposed total tax rate is $0.2106365 / $100 valuation, which is a decrease from last year’s total rate of $0.232316/$100. This total rate is made up of the Maintenance & Operations rate, also known as M&O, and the Interest and Sinking rate, also known as the I&S.

 

This year’s M&O rate is $0.186645/$100 valuation. This is set by the Board Members, and is needed to cover maintenance and operations for the Howard College District within Howard County.

 

This year's Interest and Sinking rate, also known as the I&S, is $0.0239920 / $100 valuation. This rate is automatically set by the tax assessor, and generates the amount needed to pay the annual note payment on the $21.6 million bond that was passed in 2009 and will continue through 2028.

 

The decrease in this year's proposed tax rate would result in a decrease of $12.12 in taxes for the average home valued at $81,284. In a home valued at $100,000, this would result in a decrease of $21.68.

 

Although Howard College’s proposed total tax rate for this year has decreased from last year, Dr. Cheryl Sparks, President of Howard College, advised that the rate will bring a 5 percent increase in tax money that the college receives. This 5 percent increase is for deferred maintenance and security safety.

 

Public tax hearings are scheduled for Tuesday, August 20th at 12:30 PM and Friday, August 23rd at 12:30 PM in the Tumbleweed Room.

 

 

Howard College Proposed Tax Rate for 2019 compared to 2018.

Type of Rate

2019

2018

M&O rate

$0.186645 / $100 valuation

$0.2001520 / $100 valuation

I&S rate

$0.0239920 / $100 valuation

$0.0321640 / $100 valuation

Proposed Total Tax Rate

$0.2106365 / $100 valuation

$0.232316 / $100 valuation

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