Charlotte, N.C. - The Mecklenburg Board of County Commissioners on Wednesday evening formally adopted a $1.1 billion budget for Fiscal Year 2005 that increases the property tax rate by 2.03 cents to 75.67 cents per $100 of assessed value, up from the current 73.64 cents.
The total recommended budget is a 4.8% increase from the current year and requires $773.5 million in local funding, primarily from property and sales taxes. This is a $29.3 million net increase in local funding from the current year.
The largest increase in new funding would go the Charlotte-Mecklenburg Schools. The Board provided $265 million in base operating funding for Charlotte-Mecklenburg Schools (CMS), the same as in the current budget. However, the Board also will provide an additional $6 million to CMS if it affirms a plan the Board of Education would develop to increase significantly the percentage of students passing on-grade tests at one or two of the lowest performing high schools. The Board also increased CPCC funding by $1.4 million from the current budget.
More than 90% of all recommended local funding is budgeted in the top three Priority Levels. The major items included in this increase are:
- $3.45 million net increase to debt service, primarily to build and renovate schools
- $2.2 million to open new parks and libraries
- 2.7% increase to payroll = $4,214,144
- $1.3 million in medical plan cost increases
- $2 million to add resources to high-priority services to address HIV/AIDS, child abuse and neglect and other customer demands
- $2.7 million to fund and eGovernment/technology reserve
Residents in unincorporated Mecklenburg will pay less for police service. Their tax rate will drop by 3.2 percent, from 16.79 cents to 16.26 cents per $100 of assessed value. This is added to the countywide tax rate for the total tax in the unincorporated areas.
Other FY05 budget highlights are as follows:
- WTVI will receive $2.1 million, including debt service, which is $184,453 less than last year.
- Total arts funding is $1.8 million, with the Arts & Science Council receiving $458, 724.
- Various outside agencies also received funding, totaling approximately $6.5 million. This includes $500,000 for Communities in Schools, $150,000 for Strengthening Families, and $132,983 for Senior Centers, and $100,000 for the Lee Institute.
Calculating the new property tax rate:
To calculate your county taxes, take the value of your property, divide by 100 and multiply by .7567. Owners of a $150,000 home will pay an annual County tax bill of $1,135, a $30.45 total increase from the current year.
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Media contact: Danny Diehl
704-336-2084 (O), 704-572-1035 (cell)