GRMC holding budget, tax rate public hearing

Graham Regional Medical Center is hosting a public hearing this week regarding its proposed budget and tax rate for the upcoming fiscal year. The proposed tax rate is a decrease of four-and-a-half cents from the current tax rate.

A public hearing will be held at noon Wednesday, Sept. 27 at the GRMC Education Conference Room at 1301 Montgomery Road in Graham.

The proposed tax rate of $0.272984 per $100 valuation is a 14.47% decrease from the current rate of $0.319184 per $100 valuation and matches the voter approval rate. The voter approval rate is the highest tax rate GRMC may adopt without holding an election to seek voter approval of the rate.

The no-new revenue rate for GRMC is $0.252109 per $100 valuation. The no new revenue rate is the tax rate for the 2023 year that will raise the same amount of property tax revenue for GRMC from the same properties in both the 2022 and 2023 tax years.

The de minimis rate for GRMC is $0.289035 per $100 valuation. The de minimis rate is a calculation which is designed to give smaller taxing units, including cities with a population less than 30,000, flexibility to budget for costs that may not be possible under the three and half percent voter-approval tax rate.

Taxes owed under all proposed tax rates can be calculated by multiplying the tax rate by the taxable value of your property and dividing by 100. The total tax levy on all properties increased 10.51% from $3,404,967 in 2022 to $3,762,952 in 2023.

The average homestead taxable value in the Graham Hospital District increased by 12.03% from $122,208 in 2022 to $136,921 in 2023. Taxes on the average homestead will decrease from $390 in 2022 to $373 in 2023.

For assistance with local tax calculations, contact the Young Central Appraisal District at 940-549-2392, or email youngcad@youngcad.org.