By Kristen Tribe | Published Thursday, July 2, 2009
Despite blazing outdoor temperatures, Wise County commissioners issued a freeze on the Weatherford College branch campus maintenance tax for residents age 65 and older and disabled individuals. They also approved a $100,000 homestead exemption for those same residents.
Despite blazing outdoor temperatures, Wise County commissioners issued a freeze on the Weatherford College branch campus maintenance tax for residents age 65 and older and disabled individuals. They also approved a $100,000 homestead exemption for those same residents.
"Our desire was to exempt them altogether, but we found out that's not possible," said Precinct 2 Commissioner Kevin Burns. "I think we should be very generous with the tax exemption and freeze."
The exemption means that the first $100,000 of home value will not be taxed, and the freeze means that the amount of taxes paid the first year (2010) will not increase unless the homeowner adds value to his or her property. Examples of things that would increase the value are the addition of a pool, storage building, or extra room.
If a homeowner makes no improvements and the Wise County Appraisal District simply raises the value of the property, the amount in taxes remains frozen at the amount paid the first year.
Every year commissioners, like a school district, will set the tax rate not to exceed 5 cents per $100 valuation based on the college's budget. If they choose to lower it any given year, then the amount of tax paid by the disabled or those age 65 and older will be lowered accordingly and frozen at the new amount.
Voters approved the tax in the November 2008 election, and it will be used to cover the operating expenses of the Weatherford College branch campus that is planned for Wise County.
The county has still not closed on the property where the campus is to be built between Bridgeport and Decatur. The landowners were notified in May of the county's intentions to purchase the property, and County Judge Bill McElhaney expected to close during the first two weeks of June.
Burns said they have not closed because they are still working with an oil company to establish a no-drill policy for the property.
