City’s value boom a break for some
By Chris Mazzolini
Staff Writer
chris.mazzolini@starnewsonline.com A $300 million increase to
Wilmington’s tax base has allowed city officials to lower the proposed property tax rate.
As a result, the city has reset its revenue neutral tax rate at 29.2 cents per $100 assessed value. Revenue neutral means the city will bring in the same amount of property tax this year as it did last year.
The revised 2007-08 budget includes a tax rate of 29.7 cents per $100 assessed value, with plans to use the extra half-cent to hire more police officers. The proposed rate used to be 30.3 cents. The city should bring in the same amount of revenue despite the tax rate decrease because of the larger tax base, said Scott Townsend, the city’s budget director.
The city council plans to vote on the budget on Tuesday. The budget must be approved by July 1.
*The 2006 tax rate was 46 cents.
