UNION, Mo. - The tax rate for the East Central College district will remain the same for the upcoming year. That approval by the ECC board of trustees came following the annual tax levy hearing held at the college Monday, August 25.
The property tax rate for 2014-15 was set at .4541 cents per $100 of assessed valuation. The tax levy is broken into two categories: an operating levy of .3700 cents and a debt service levy of .0841 cents. The operating levy is set at the maximum rate as approved by voters in 2006. Eight years ago when voters authorized a general obligation bond issue for construction of the health and science building, the college committed to maintaining the debt service levy at its then-current rate.
The operating levy is expected to produce more than $6.2 million in local revenue for the fiscal year that began July 1, 2014.
“The debt service levy adjusts each year according to the college’s schedule of principal and interest payments for existing general obligation bonds,” noted Phil Pena, ECC vice president of finance and administration. Pena stated that 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 2014 is more than $1.6 billion ($1,655,732,041), an increase of more than $49 million from 2013. $1,282,220,713 is in real estate assessed valuation, and $373,511,328 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.