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Clayton council begins budget planning after state tax changes; county income-tax option discussed
Summary
Council members discussed the budgetary impacts of recent state changes (referred to as Senate Bill 1), which are expected to lower assessed values and raise tax rates; because the town has fewer than 3,500 residents it would need county action to create an income-tax revenue stream to replace lost revenue.
Council members received an overview of state-level tax changes cited as Senate Bill 1 and discussed how the measures will affect the town’s revenues and upcoming budget workshops.
Staff explained that exemptions tied to homeowner property assessments are increasing by an estimated 7%–8% per year for a multi-year period mentioned in the meeting. As a result, assessed values in the town…
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