Pima Community College is planning to pay off the last of its bond debt next year, meaning lower tax rates for county residents.
The college's Board of Governors made the decision in setting tax rates for the 2013-14 fiscal year. The primary property tax rate will rise slightly, adding about $5 to the taxes on a home with a cash value of $200,000, which is slightly higher than the county's average value.
The secondary tax rate, which will go away after the college's bond debt is paid off next year, will go down about 1.40 on a home with a cash value of $200,000, the college said in a press release.
“We are pleased to be retiring the last of the college’s debt," said David Bea, Pima's executive vice president for finance and administration. "We have made a concerted effort in recent years to relieve the college and taxpayers of long term debt."