The Taylorsville Town Board of Commissioners has approved the first property tax increase in over forty years.
The Town Board of Commissioners met Monday night and approved Town Manager David Odom’s proposed budget increase of 6.3 percent and a hike in property taxes of 6 cents per $100 valuation.
Odom notes that the town’s fund balance has dropped from over 27 percent in 2015 to only 12.1 percent currently. Odom notes a number of factors including more than $200,000 spent in tree trimming and removal over the course of the last year in various locations around town.
The new budget for 2017-2018 is $4,024,257 which is an increase of 6.3 percent from last fiscal year.
The last time Taylorsville tax payers had a rate increase was in 1976 when the rate went up from 75 cents to 78 cents per $100 valuation. Since then the town has dropped property taxes six times settling at 34 cents. The increase takes the tax rate to 40 cents per $100 valuation.