PINEHURST —
City officials will vote on approving the proposed tax rate later this month following Thursday’s public hearing.
City of Pinehurst councilmembers held a second public hearing on Thursday afternoon to discuss the city’s proposed tax rate for the 2012-2013 fiscal year. No Pinehurst residents attended the meeting, so council adjourned and will now vote whether to approve the tax rate at its next meeting, at 6 p.m., Tuesday, Sept. 25.
The proposed tax rate of $0.69904 per $100 taxable value of a residence is the same as the current tax rate. Although there is no change to the tax rate, the City of Pinehurst should see an increase of total tax revenue compared to 2011-2012 by 6.91 percent.
The amount of taxes imposed on a house valued at $100,000 would be $699.04 for the year, based on the proposed tax rate. If the same house was valued at $100,000 in 2011, there would be no change in taxes from the previous year since the rate is expected to remain the same. However, most properties tend to increase in value rather than decrease which could cause a small tax increase.
The average taxable value of a residence in the City of Pinehurst in 2012 is $73,345, a slight increase from the average value of $72,630 in 2011. This means the amount of taxes imposed this year would also increase slightly, based on this change, from $507.71 to $512.71 This is an increase of $5 based on the average taxable value.
Joe Parkhurst, city administrator, stated the budget takes care of the city’s necessary items and no tax increase was needed.
“It covers the increases in retirement and insurance and matching funds for some grants,” Parkhurst said. “It’s a pretty lean budget, but it will take us through (the year).”
Local News
Pinehurst council to vote on tax rate Sept. 25
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