Taxing times for property owners in Brunswick County. Many of you can expect to pay a higher property tax rate.
The issue in Brunswick County is that property values have fallen significantly meaning a need for a change in the tax rate.
Brunswick County is working on its tax revaluation. The numbers so far show a loss in property value throughout the area but not all property values fell evenly. In Leland for example the property values held steady, unlike the property values in Oak Island and Southport. In order for the county to bring in the same amount of money in taxes they will have to raise the tax rate since property values took a dive.
"My job is to put a value on everyone's property in this county whether they live here or not and have it relate to the market that we're in right now,” said Brunswick County Tax Administrator, Tom Davis.
Davis said in 2005 Brunswick County saw a boom in development, which allowed elected officials to set the tax rate fairly low. Now that the economy has slumped the tax rate must be increased to make up for the shortcomings.