BRUNSWICK COUNTY, NC (WWAY) — If you live in Brunswick County, the new tax rate on your real estate may hurt your checkbook.
The Brunswick County Manager suggested the county go revenue neutral in order to make up for the county’s depreciated property value. Although this means property tax bills may stay the same from some, other folks may see a considerable hike.
The county’s tax base has gone from $32.3 billion in 2007 to $22.8 billion in 2011. To compensate for the 29 percent reduction, county leaders may have to increase the tax rate from 30.5 to 44.25 cents per $100 of value.
This revenue neutral tax rate may not mean much for some, but others say they do not have the money to pay any additional tax.
“If you keep making increases and your incomes don’t improve or don’t increase, something has to give,” Charles Towles of Leland said. “You only have X amount of dollars to live on, and the individuals that are doing this should take that into consideration.”
Many folks say if the county decides to raise the rate, the community as a whole will suffer and people will stop moving to the area.
The county says if the 44.25-cent rate is set, it will collect close to $96 million in revenue.