CVTC tax levy lower than anticipated

October 18, 2013

From leadertelegram.com: “Regional Briefs 10/18/13” — The Chippewa Valley Technical College District Board on Thursday set the 2014 levy for the 11-county district at $35.33 million, a reduction of 1.13 percent from the 2013 levy of just below $35 million.

The tax rate was set at $1.74 (rounded) per $1,000 of equalized property value, down from $1.77 in 2013. The rate means a person with a $100,000 home would pay $173.63 in property taxes to support the technical college.

These figures are down slightly from the tax levy and tax rate that was anticipated in May when the board set the budget for the new fiscal year.

There was some uncertainty about the state budget and district property values in May, said Kirk Moist, CVTC finance and budget director. However, a 1.49 percent increase in property values in the district helped lower the tax rate.

While technical college property tax levies had been frozen in recent years, for 2014 the state budget allowed for an increase in the tax levy for operations based on the value of new construction in the district. For the CVTC district, new construction valued at about $268 million allowed for an operational levy increase of $329,963.

Moist said the board decided to take advantage of the allowable increase due to uncertainty over future state aid formulas.

 

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