WATT the..........? Del Mar eyes tax boost to finance construction? Another Fultonian Overun? Or Fleeced by Alaniz?

Del Mar eyes tax boost to finance construction

By Israel Saenz Caller-Times
August 9, 2006

Regents on Monday recommended a 19 percent tax rate increase for property owners in the Del Mar College District.

The increase would mean the average homeowner in the district would pay $44.31 more in taxes. The appraised value of the average residence increased from $95,589 in 2005 to $103,213 this year. The college's taxing district encompasses the city's five school districts.



Vice President of Business and Finance Joe Alaniz said the increase is to help the college pay for $108 million in capital improvement bonds sold in January.

"What's increasing is the rate to pay the bonds, which was approved by voters," he said.

While the maintenance and operations tax rate will stay the same, the proposed debt service rate is an increase of 3 cents.

Voters approved the college's bond proposal in April 2003, to go toward development of Del Mar College West and improvements to existing facilities at Del Mar College East.

The proposed tax rate is an increase of 4 cents over the effective tax rate, the rate that would produce last year's revenue from this year's appraisal of the properties that existed last year.

District property values, including new construction, have gone up 9.4 percent since last year.

Regents will have two meetings for public comment at noon Aug. 18 and 5:30 p.m. Aug. 22. Both hearings will be in the Harvin Center on the college's East Campus. The increase is scheduled to go before the regents for approval on Aug. 29.

Contact Israel Saenz at 886-3767