WILMINGTON, NC (WWAY) — A potential additional property tax for downtown Wilmington property owners will be discussed Wednesday night.
Ed Wolverton, Wilmington Downtown Inc. president, said a Municipal Service District, or MSD, is being looked at, which would raise property taxes for those located in the core of downtown Wilmington. He said back in 2014 downtown business owners were asked to see if a MSD would work in Wilmington. A task force made up of business owners and property owners was put together to look at this potential source of revenue for downtown.
Wednesday the task force is expected to reveal its recommendations. It is expected to share what locations in downtown would be in the district, how much the tax rate would be and answer questions. Then the findings will be taken to the Wilmington City Council for a final decision.
Wolverton said he put together the task force. He said a MSD is an option for downtown Wilmington.
“The state law is very flexible with how the funds can be applied, and that’s one of the beauties of this particular program, is it can morph depending on what your particular needs are for the city,” Wolverton said.
He said the revenue generated from it could be used for more security, beautification and economic development programs.
Wolverton said 56 cities around North Carolina have Municipal Service Districts including Burgaw, Durham and Charlotte.
The meeting is at 6 p.m. at the Coastline Conference and Event Center.