New Orange County Tax Asssessor Jenks Crayton is making the rounds of local boards. The county is due for a revaluation next year. Jenkins told the Board of Aldermen last week and is scheduled to tell the Town Council tonight what that would mean.
In a story coming in Wednesday's CHN, correspondent Tammy Grubb reports Orange County home values have dropped since the last revaluation. If there is a reval for 2013, local governments would have to raise their tax rates to keep the same amount of money coming in when they adopt spending plans later this spring.
What does that mean for you?
The countywide property tax rate would have to increase 6.6 cents per $100 of assessed property value to prevent a loss of $9.9 million in revenue, Crayton says.
In Chapel Hill, a 4.1-cent increase would be needed to stave off a $2.6 million loss.
In Carrboro, a 3.1-cent increase would be needed to avoid losing $590,000.
In Hillsborough, a 3.8-cent increase would be needed to avoid losing $280,000.
The city school district tax also would have to go up, by 1.4 cents, to avoid a $1.4 million loss, he said.
Look for Tammy's full story in Wednesday's paper.