Union County budget process targets lower revenue neutral tax rate amid economic uncertainty

During the recent Board of County Commissioners meeting held on April 14, 2025, in Union County, North Carolina, officials discussed the ongoing budget process amid economic uncertainty. The meeting highlighted the anticipated budgetary changes and the implications for local taxpayers.

The county is currently navigating a complex financial landscape, with discussions centered around a proposed revenue neutral tax rate. This rate is projected to decrease significantly from the current rate of 58.85 cents per $100 valuation to approximately 41.59 cents. This reduction is expected to provide a general fund increase of over $2 million and an education debt fund increase of more than $904,000. The county's financial team emphasized the importance of maintaining transparency and addressing community concerns regarding property tax reassessments.

Key dates were outlined for the budget process, including the detailed budget request from Union County Public Schools due on May 15, and a public hearing scheduled for June 1. The final budget is expected to be passed by June 16. The county's financial staff reassured the board and the public that they are committed to presenting a budget that aligns closely with the revenue neutral rate, addressing future needs while alleviating taxpayer concerns.

The meeting also included a detailed explanation of how the value of a penny in tax revenue is calculated. This calculation is crucial for understanding the overall tax implications for residents, especially in light of a nearly 50% increase in the tax base. The county's collection rate remains strong at 99.5%, which further supports the financial projections.

In conclusion, the discussions during the meeting reflect the county's proactive approach to budget management in a time of economic uncertainty. As the budget process unfolds, officials are focused on balancing fiscal responsibility with the needs of the community, ensuring that taxpayers are informed and engaged in the decision-making process. The upcoming months will be critical as the county finalizes its budget and addresses the concerns raised by residents.