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Carolina Beach revenue to drop despite higher tax rate

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CAROLINA BEACH, NC (WWAY) -- Carolina Beach Town Council held a public hearing on the budget proposal for the 2012 - 2013 fiscal year. They adopted a 16.1 million dollar budget calling for a tax rate of 23.5 cents per $100. That's up from from the current rate of 17.5 cents, but town leaders say it's actually a decrease of sorts.

Mayor Ray Rothrock says the council set the rate lower than the revenue neutral rate of 26.21 cents. Because of falling property values, this will bring the town about $400,000 less than last year.

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