Friday, February 18, 2011

Leland Likely to Take Property Tax Hit


Northern Brunswick County property owners are likely to be the biggest losers when the county sets the tax rate in its new budget.

As this year's property tax revaluation has sent values plummeting, the county's tax rate would have to increase about 40 percent to keep next year's government revenues the same as this year's, according to estimates presented at a budget retreat Thursday.

That doesn't mean residents' taxes necessarily would go up, however. The total taxable property value continues to decline, with the latest estimates putting it nearly $8.5 billion less than 2010.

[...]Property in the Leland area, however, has largely held its value. That means the tax rate increase would hit the northern area the hardest.

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