Bladenboro continued their last board meeting until Monday, June 15 at 7 p.m..
According to Melanie P. Hester, Town Administrator, the town has been notified that the property values in Bladenboro have decreased nearly $6 million from early estimates, following revaluation. The board had discussed a budget based on 2014 values of 70,426,459. The latest values have dropped to $64,582,113. The drop in values, based on a revenue neutral tax rate, will increase the new tax rate from the proposed .59 cents to .643.
The past year real property value was $83,899,950 and personal property totaled $6,096,389. When Senior Citizen exemptions were applied the total value was $70,426,459 and based on a .59 cent tax rate the total revenue raised to operate the town budget was $415,516.11.
The latest revaluation numbers place the value of the town at $64,582,113. Real property values dropped to $77,658,180 and personal property increased to $6,783,933. Senior Citizen exemptions total $19,860,000 and that dropped the net value of the town to the $64,582,113 number. It will take a tax rate of .643 cents to raise approximately the same amount as the previous year. The new values and the new tax rate will amount to $415,521.32 in total revenues for the next fiscal year.
The board will re-open the public hearing related to the proposed changes in the budget, based on the values provided by the Bladen County Tax Office.
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