Elizabeth City City Council adopted a $68.2 million spending plan Monday night that increases the city property tax rate, raises the monthly garbage collection fee, and boosts water and sewer rates. That’s according to a report from the Daily Advance.
The budget hikes the property tax rate 12 cents from 49.5 cents per $100 in valuation to 61.5 cents. That’s 2.5 cents above a “revenue neutral” tax rate, or the rate needed to offset a plunge in property values following Pasquotank County’s revaluation last year.
City Manager Rich Olson initially proposed a 64-cent tax rate in April, according to the report, but scaled that back following stronger-than-anticipated estimates on personal property tax values.