Dare County’s current $101 million budget is funded with a variety of sources, including federal and state money, grants, fees collected, and tax revenues derived from property taxes.
Property tax revenues in the current budget total $49 million, slightly less than half the amount needed to pay for the total current budget that expires on June 30, 2013.
During the last few years, foreclosures, the recession, and damage and/or loss of properties from storms has forced property values down from $17 billion to $12 billion.
If the current tax rate of 28 cents per $100 is applied against the total of the new property values, the resulting revenues would be just $33.6 million – a $15.4 million shortfall in supporting the current budget of $101 million.
To read the full explanation posted on Island Free Press, click here.