Tax Notices

Effective and Rollback Tax Rate Calculations

2014 Property Tax Rates in Houston Community College

This notice concerns the 2014 property tax rates for Houston Community College. It presents information about three tax rates. Last year's tax rate is the actual tax rate the taxing unit used to determine property taxes last year. This year's effective tax rate would impose the same total taxes as last year if you compare properties taxed in both years. This year's rollback tax rate is the highest tax rate the taxing unit can set before taxpayers start rollback procedures. In each case these rates are found by dividing the total amount of taxes by the tax base (the total value of taxable property) with adjustments as required by state law. The rates are given per $100 of property value. 

List year's tax rate:

Last year's operating taxes

$114,292,815

Last year's debt taxes

$29,840,281

Last year's total taxes

$144,133,096

Last year's tax base

$148,326,279,934

Last year's total tax rate

$0.097173/$100

This year's effective tax rate:

Last year's adjusted taxes

(after subtracting taxes on lost property)

$143,038,958

÷ This year's adjusted tax base

(after subtracting value of new property)

$157,959,183,755

=This year's effective tax rate

$0.090554/$100

(Maximum rate unless unit publishes notices and holds hearings.)

This year's rollback tax rate:

Last year's adjusted operating taxes

(after subtracting taxes on lost property and adjusting for any transferred function, tax increment financing, state criminal justice mandate, and/or enhanced indigent healthcare expenditures)

$113,425,717

÷ This year's adjusted tax base

$157,959,183,755

=This year's effective operating rate

$0.071807/$100

x 1.08=this year's maximum operating rate

$0.077551/$100

+ This year's debt rate

$0.029835/$100

= This year's total rollback rate

$0.107386/$100



Statement of Increase/Decrease

If Houston Community College adopts a 2014 tax rate equal to the effective tax rate of $0.090554 per $100 of value, taxes would increase compared to 2013 taxes by $1,325,708.

Schedule A - Unencumbered Fund Balance

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

Type of Property Tax Fund                                               Balance

0

Schedule B - 2014 Debt Service

The unit plans to pay the following amounts for long-term debts that are secured by property taxes. These amounts will be paid from property tax revenues (or additional sales tax revenues, if applicable).

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

Limited Tax Bonds, Series

2003

5,610,000

4,925,700   0 10,535,700

Limited Tax Refunding

Bonds, Series 2011

2,130,000

18,863,819

 

 0

20,993,819

Maintenance Tax Notes,

Series 2006

545,000

343,550

 

 0

888,550

Maintenance Tax Notes,

Series 2008

2,255,000

1,915,564

 

 0

4,170,564

Maintenance Tax Notes,

Series 2009

805,000

436,894

 

 0

1,241,894

Maintenance Tax Notes,

Series 2010

2,010,000

1,972,600

 

 0

3,982,600

Maintenance Tax Notes,

Series 2011

1,445,000

1,845,800

 

 0

3,290,800

Maintenance Tax Notes,

Series 2011A

725,000

861,525

 

 0

1,586,525

PFC Lease Revenue Bonds,

Series 2006

0

1,283,573

 

0

1,285,573

Total required for 2013 debt service

 

 

$47,926,025

- Amount (if any) paid from Schedule A

 

 

 

$0

- Amount (if any) paid from other resources

 

 

 

$0

- Excess collections last year

 

 

 

$0

= Total to be paid from taxes in 2013

 

 

$47,926,025

+ Amount added in anticipation that the unit will collect only 100.00% of its taxes in 2013

 

 

 

 

$0

= Total debt levy

 

 

 

$47,926,025

 

This notice contains a summary of actual effective and rollback tax rates' calculations. You can inspect a copy of the full calculations at 3100 Main Street, Houston, Texas 77002.

Name of person preparing this notice: Teri Zamora

Title: Vice Chancellor Finance & Planning

Date Prepared: 09/04/2014

Truth in Taxation FAQ

What is the Effective Tax Rate?

The effective tax rate is a calculated rate that would provide the taxing unit with about the same amount of revenue it received in the year before on properties taxed in both years. If property values rise, the effective tax rate will go down and vice versa.

What is the Rollback Tax Rate?

The rollback rate provides the taxing unit with about the same amount of tax revenue from the previous year, plus an extra eight percent increase, in addition to sufficient funds to pay debts in the coming year.

Why must HCC hold two public hearing if the tax rate will not increase?

A taxing unit, other than a water district or small taxing unit which is covered by special provisions, must publish special notices and hold two public hearings before adopting a tax rate that exceeds the lower of the rollback rate or the effective tax rate.