Tax Rate Likely Going Up In Concord
The property tax rate will likely go up in Concord. The recommendation is in response to an overall 13 percent decline in the city's property values, according to the recent property revaluation in Cabarrus County Without an increase, property tax revenue in Concord is expected to drop by more than $5 million for the fiscal year that begins July 1. So City Manager Brian Hiatt has recommended a tax rate increase of 6 cents. That would make the new tax rate 48 cents for every $100 in assessed value. Some people will pay more, and some will pay less, but Hiatt says overall collections should be "revenue neutral." "From the property taxes themselves, the city will be getting no more than it got last year," Hiatt says. "As a matter of fact, we're getting a little bit less with the formula we're required to use to formulate a revenue-neutral tax rate." Hiatt says the city will not have to cut services if council approves the new rate. His proposed budget also calls for most city employees to get bonuses of $400 to $600, The city council will discuss the new tax rate on June 12. A public hearing is scheduled for June 14.