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Posted Friday, June 29, 2012
Pittsboro, NC - The Town of Pittsboro passed a budget that raised town property taxes by six cents per $100 of accessed value.
The Pittsboro town board, by a 3-2 vote, decided to increase the tax rates back to where they were in 2008.
The tax increase was included in the manager’s recommended budget and supported by the finance officer. The decision is a reversal of the one cent tax decrease in 2008 as well as the four cent decrease that occurred in 2009 when the town board elected to go levy neutral as opposed to revenue neutral with its tax rate.
The past decreases that were adopted in the past few years were in part an attempt by the town board to reconcile the town’s budget with the challenges presented by the nationwide recession that began in 2008. These decisions created an effective tax rate of 0.302 per $100 of assessed value.
The new rate will go up to 0.3673 per $100 of assessed value. This represents a 20 percent property tax increase.
Property owners will pay approximately $63 more per year in property taxes for every $100,000 of assessed value. A property owner with a $200,000 home will pay about $126 more per year.
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