EAC Photo: Eastern Arizona College is proposing a 3 cent tax rate reduction due to a larger tax base. Even if the reduction is approved, the college will see an increase in revenue from taxes due to the larger tax base.
By Kris McBride/EAC
THATCHER — Eastern Arizona College (EAC) has proposed a lower tax rate for the 2022 budget year to the Graham County Community College District Governing Board. The reduction in the college’s tax rate was made possible because the overall assessed value of property in Graham County has increased over the past year, having a net effect of providing additional revenue for EAC. The Governing Board will decide whether to act on EAC’s recommendation at its June board meeting.
“We live in a thriving community where growth is happening at a rapid pace,” said Todd Haynie, EAC president. “As a result of this economic growth, the tax burden for local government can be spread over a much larger tax base. This means that EAC can reduce the tax rate and still bring in a moderate amount of much-needed funding. It is anticipated that the reduced tax rate will generate $328,095 in additional revenue for the college.”
Because the assessed property value has increased county-wide, the tax rate will drop from $3.12 to $3.09, representing a 3 cent reduction from last year’s rate. Because the reduced rate will generate additional funds, statutory language refers to this as a tax increase, when in fact it is a tax rate reduction.
“We are reducing the tax rate and property owners will pay less if their assessed valuation has not changed,” Haynie said. “At the same time, we are raising more for higher education, which benefits the community.”
The Truth in Taxation Notice will be posted in the Eastern Arizona Courier on May 22 and June 2. For more information about EAC’s proposed 2021-2022 budget, click here.
“Eastern Arizona College is an economic engine that adds almost a quarter-billion dollars to our economy every year,” Haynie said. “The additional funding from this proposal brings even more value to the community, allowing EAC to continue preparing students for the most in-demand careers that provide family-sustaining wages.”
The public is invited to send comments on EAC’s recommended tax rate reduction to board@eac.edu. Members of the public can also provide comments at the Governing Board meeting on Thursday, June 10 at noon at the Eastern Arizona College Student Services Building, Governing Board Room, 615 N. Stadium Ave., Thatcher, Arizona.
