Tuesday, October 22, 2024
CVTC district board approves flat tax rate for 2024-2025
Chippewa Valley Technical College approved maintaining a tax rate of 66 cents per $1,000 of valuation for 2024-25. This flat rate is attributed to the increase in net 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 1.69 percent, and overall property values increased by nearly 8.12 percent.
However, the College’s proposed tax levy increased by 8.1 percent from the 2023-2024 levy. Cornelius said increased costs to the College, including debt service costs, are the reason.
The District Board set the levy increase of $2,092,097 at its meeting Monday. The approved tax levy for fiscal year 2023-2024 was set at $25,822,828 and will increase to $27,914,925.
With the flat 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.
The CVTC board is required to certify its levy by November 1 each year.
