Eastern Arizona College is looking for a 6 percent budget increase for next fiscal year but that doesn’t mean property owners will be paying more.
Under the college’s proposal, the owner of a $100,000 home would pay $312.20 in Community College District taxes next fiscal year, down $23 from this year.
The plan, which will be voted on June 18, would give the college an extra $389,159 in revenue for the fiscal year beginning July 1.
How can a homeowner pay less but the college get more? Credit strong pre-COVID-19 growth in Graham County.
The FY2021 assessed property valuation is up nearly $30 million in the county over 2020 — a total of $223,857,864.
If EAC had asked for no budget increase this year, the tax rate would have been $2.9453.
“Because the assessed property evaluation has increased we can reduce the primary property tax, and at the same time generate more revenue, which is great for the college and great for the community,” said EAC spokesman Kris McBride.
Primary property taxes finance 10 percent of the college budget. Equalization funds through the state account for 42 percent.
Darlene Alder from the Graham County Assessor's office said before COVID-19 the values and sales in Graham County were going up.
Those with questions about the Community College District tax rate proposal can join a virtual meeting at noon June 18 on the EAC YouTube channel.