TEXARKANA, Texas - Texarkana College's Board of Trustees will hold a public hearing on the proposed tax increase at 11:30 a.m. today in the Patman Room of the Truman Arnold Student Center, 2500 N. Robison Road, Texarkana, Texas.
The proposed rate is $0.123081 per $100 of taxable property value. The current tax rate is $0.118115 per $100 in taxable value.
A second hearing will be held at 11:30 a.m. Aug. 19 in the same location. Trustees will then vote on the tax rate during their regular meeting, scheduled for 11:30 a.m. Aug. 26 in the Patman Room.
If approved, the increase will generate $300,000 for the general budget and will be used to help repay $10 million in municipal bonds the college took in February for campus improvements, including compliance with the Americans With Disabilities Act.
"They gave us approximately two years to come into compliance," TC President Dr. Jason Smith said. "We had to have a plan in place and the plan was to take the maintenance tax note, get that approved."
Other improvements include renovation of the college's old Health Science Building and the current Biology Building, parking lot and paving improvements and heating and air systems. Smith said that while the college has been working to keep the doors open the past few years, capital maintenance projects had been put on hold out of necessity.
The college last raised rates in August 2017 from $0.110718 to $0.118115, a move that generated $340,000 for the 2017-18 budget.
The agenda also includes an executive session following the public hearing.