Wednesday, October 25, 2023
CVTC district board approves decrease in tax rate for 2023-2024
Chippewa Valley Technical College approved a decrease in the 2023-2024 tax rate from 71 cents per $1,000 of valuation to 66 cents. This decrease is attributed to the increase in new construction and property values.
Caleb Cornelius, CVTC vice president of administration and chief strategy officer, said new construction in the CVTC district, which includes 11 counties, increased by 2.38 percent; and overall property values increased by nearly 15 percent.
However, the College’s proposed tax levy increased by 6.99 percent from the 2022-2023 levy. Cornelius said increased costs to the College, including debt service costs, are the reason.
“While we actively practice resource stewardship at CVTC to ensure we keep education and training costs low for the workers in our communities, CVTC has not been immune to the inflationary cost increases the greater market has experienced,” Cornelius said. “Additionally, with the approval of the 2020 referendum and the subsequent debt issuance for the building and renovation of the needed facilities to support critical programs, debt service costs are planned to increase for this year, which is reflected in the tax levy.”
The District Board set the levy increase of $1,686,583 at its meeting Wednesday. The approved tax levy for fiscal year 2022-2023 was set at $24,136,245 and will increase to $25,822,828.
With the decreased tax rate -- the rate property taxpayers owe per $1,000 in valuation – a person with a $150,000 home will pay $99 in property taxes for the year to support the technical college, down from $106.50.
“Our students’ dreams could not be fulfilled without the support of our communities,” said Sunem Beaton-Garcia, CVTC president. “In turn, we vow to continue to educate a highly skilled workforce that makes our community a great place to live and work.
The CVTC board is required to certify its levy by November 1 each year.
