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Nags Head proposes 22-cent tax rate in recommended $31 million budget
Summary
Town staff presented a recommended budget that proposes a 22-cent per $100 assessed-value tax rate (a 1.13-cent increase above the revenue-neutral rate) to help offset a 59% revaluation-driven rise in property values, higher health-insurance costs and inflation; a public hearing is set for June 11.
Town staff presented a recommended fiscal-year budget and a proposed 22-cent per $100 assessed-value tax rate at a meeting where they outlined how a recent county revaluation and rising insurance and construction costs are reshaping the town's finances.
The presenter said the county revaluation raised assessed values by roughly 59 percent and that the revenue-neutral rate would be about 20.84 cents per $100 assessed value. "What we are going to recommend in this budget is 22 cents per $100 assessed value," the presenter said, a 1.13-cent increase above the revenue-neutral rate that the town estimates will generate about $566,000 in additional revenue.
Why it matters: the revaluation changed the value of each penny of tax revenue (the presenter said a penny is now worth about $500,000, up from roughly $315,000 before revaluation), and the town is adjusting rates and district levies rather than…
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