WIZS – The Local Skinny! May 24
The proposed Vance County budget is in its final stages, and could be approved as early as June 7, when the next public hearing is scheduled, according to County Manager Jordan D. McMillen.
“We are looking to hold the tax rate steady at 89 cents per $100 in value and are not proposing any increases in water usage fees or fire tax,” Jordan said in a written statement to WIZS News Monday.
The solid waste household fee most likely will rise from $117 to $120 to assist in covering increasing disposal costs, as well as a “large influx of solid waste that has been seen during the pandemic,” McMillen said.
The major increase in revenue in the new budget comes from sales tax revenue, he noted. The current budget – created in the midst of the COVID-19 pandemic – was conservative in anticipated sales tax revenue, McMillen said. He expects an additional $2 million in sales tax revenue over the current budget, and that bump will help the county avoid a tax increase for the coming year.
“Without the increase in sales tax, we would have been in a much different situation that could have facilitated a tax increase for the coming year,” he said.
On the property tax side and tax base we are expecting a $20 million increase in the county tax base, which will bring in roughly $100,000 in property tax revenue. McMillen said the county typically sees between $100,000 to $200,000 in property tax increases each year.
The county will begin a revaluation process in early 2022, which will result in new property values in 2024. Based on the current market, the department of revenue is telling us our tax values are significantly lower than what properties are selling for, McMillen said. “With this in mind, property owners are getting a better value than we are taxing currently.”
“All in all, the board appears satisfied thus far with our budget work for next fiscal year,” McMillen said. He presented the recommended budget earlier this month, and the commissioners have held two work sessions since then – one on May 11 and a second on May 13. Commissioners may elect to approve the budget following the June 7 public hearing, McMillen said, or may decide to call an additional work session before the budget is adopted.
