NEWS

 

On May 9, Town Manager Jamie Justice proposed a fiscal year 2024 town budget of $19.14 million. In order to keep with North Carolina statute that requires a balanced budget, the proposal requires a property tax increase.

Today, Mecklenburg County Manager Dena Diorio proposed a 1.6 cent over revenue neutral increase to fund a proposed $2.3 billion county budget.

While the proposed Town tax rate is reduced from 32.5 cents per $100 of property values to 26.6 cents, taxes will go up based on the 2023 property revaluations. The same is true for the county rate, with the rate of 61.69 cents going down to a proposed 47.31 cents for FY24.

The 2023 Mecklenburg County property revaluations are at the heart of the overall tax increases despite the rate decreases.

What does that mean for Davidson residents? It depends.

As reported last December, residential properties throughout Davidson were projected to increase in value an average of 52 percent. Commercial property values in Davidson increased an average of 25 percent.

Here are some calculations based on the recently proposed Town and County budgets. We used tax values for a dozen randomly selected homes located across Davidson – from historic West Davidson to River Run and Summer’s Walk.

In 2019, those home values ranged from $169,000 to 658,000. Those same properties are valued at $317,000 and $1,0023,600 in the latest 2023  property revaluations. The average tax increase of the random properties selected is $768, reflecting combined town and county annual taxes of $4,966.44.

Averages are one thing, but here the combined increases of tax rates (town and county) for those 12 properties:

2019 Value                  2023 Value                  Estimated FY24 Taxes          Est. Tax Increase over 2023

$169,900                     $317,000                                 $2343                          $827 ($68.92/month)

$482,900                     $699,200                                 $5368                          $619 ($51.58/month)

$653,200                     $853,800                                 $6310                          $158 ($13.17/month)

$293.800                     $462,700                                 $3420                          $653 ($54.42/month)

$447,600                     $680,000                                 $5026                          $810 ($67.50/month)

$522,200                     $775,400                                 $5731                          $812 ($67.67/month)

$362,200                     $464,500                                 $3433                          $22 ($1.83/month)

$486,700                     $769,200                                 $5685                          $1101 ($91.75/month)

$441,600                     $674,200                                 $4983                          $824 ($68.67/month)

$658,500                     $1,023,600                              $7565                          $1363 ($113.58/month)

$530,200                     $858,190                                 $6343                          $1349 ($112.42/month)

$309,100                     $485,700                                 $3590                          $678 ($56.50/month)

 

The public hearing for the Davidson budget will be held Tuesday May 23 during the Town Board meeting. The county will hold a public meeting for citizen input on the budget on May 25.