Faced with a significant drop in property values, South Plains Collegeís Board of Regents approved a major increase in the tax rate and adopted a new budget Thursday.
Dr. Kelvin Sharp, college president, said values for the college district fell from $4.7 billion last year to about $3.4 billion this year.
ìWe find ourselves, because our mineral values have dropped, our effective (tax) rate is higher than our past rate,î Sharp said.
He said the 28 percent loss in values forced the college to raise the tax rate from 26.532 cents per $100 to 36.635 cents for 2015-16.
That will allow SPC to collect ìabout the sameî amount of local tax revenue as this year, or $12,296,433.
The new rate is slightly below the effective rate of 36.6336 cents.
The collegeís tax base included the Whiteface Consolidated Independent School District.
On a motion made by Regent Pete Pettiet, the board unanimously agreed to adopt the higher levy.
Sharp said the college was fortunate to receive about $500,000 more in state funding for the new fiscal year than the current one.
State funding will total about $13.44 million in the new year.
SPC was one of only 17 junior colleges in the state to receive higher state appropriations than the 2014-15 fiscal year.