Grayson College board approves 2024-25 budget and decreases tax rate

Grayson College Board of Trustees unanimously approved the 2024-25 budget and property tax rate during a regular session meeting. No one spoke during the public hearing on the tax rate that was held before the Board took action. 

The approved budget totals just over $58 million with approximately $28 million allocated from property tax revenue. Grayson College decreased the Grayson College County property tax rate slightly from 14.5991 cents per $100 valuation to 14.5990 cents per $100 valuation. 

“When working on the recent bond campaign, we made a commitment to our community to not increase the tax rate, and we honored that commitment” said Dr. Jeremy McMillen, President of Grayson College. “And now we’ve been able to go even one step further by slightly lowering the property tax rate.”

This decrease will still allow GC to see a 3.35% increase in tax revenue as a result of the increase in taxable property value.

$1.7 million of the approved budget was slated for salary increases as part of a Board driven effort to recruit and retain highly qualified faculty and staff.