New Hanover county is debating its budget for the 2015-16 fiscal year, and there is a property tax increase in the proposal. In the article, the county manager is quoted saying the reason for the tax increase is to pay for the bonds approved by voters in 2006 and 2008. I bet once those bonds are paid for the property tax rate doesn’t go down. Voters need to be careful, just because the bond might go for a worthy cause….is it worth a permanent property tax increase? Here are some excerpts from the article, if you want to read the whole story, click here.
A budget proposal calling for a 2-cent increase in the tax rate paid by New Hanover County property owners was formally presented – with some disagreement – to the public at Monday’s county board of commissioners meeting.
The $302 million proposal calls for increasing the property tax rate from 55.4 cents per $100 of assessed value to 57.4 cents, or 3.6 percent. For someone with a home assessed at $200,000, annual taxes would increase by $40 per year, from $1,108 to $1,148.
County Manager Chris Coudriet said all new revenue generated by the increase would be used toward meeting debt payments on bonds approved by voters in 2006 and 2008 to improve park facilities and build new facilities for Cape Fear Community College.
