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(ARCHIVE PHOTO | THE GRAHAM LEADER) The front of Graham City Hall located at 612 Elm St. The city of Graham is hosting a public hearing for its proposed tax rate at 11 a.m. Monday, Sept. 9.
After adopting the upcoming fiscal year budget at the Graham City Council meeting last week, a public hearing on the proposed tax rate is set for Monday.
The city of Graham will host a public hearing at 11 a.m. Monday, Sept. 9 at the city council chambers located at 608 Elm St.
During the second reading of the tax rate Thursday, Aug. 1, the council approved lowering the rate from the proposed rate of $0.665 per $100 valuation to $0.655 per $100 valuation, which will remain an increase of 3.14% over the current rate of $0.635 per $100 valuation.
Due to the changes in the proposed tax rate, the amount of revenue raised through property taxes lowered, according to City Manager Eric Garretty in the Aug. 1 council meeting.
“This budget will raise more revenue from property taxes than last year’s budget by an amount of $401,640, which is a 14.94% increase in last year’s budget. And of that amount, $58,451 is tax revenue to be raised from new property added to the tax roll this year,” he said.
The total tax levy from all properties within the city boundaries under the proposed rate would increase by 14.94%, or from $2,792,913 in 2023 to $3,194,553 in 2024.
The average homestead taxable value increased 7.69% from 2023 to 2024, moving from $130,375 to $140,407. Taxes on the average home under the new rate would increase from $827 in 2023 to $919 in 2024.
To calculate tax owed under the proposed rate, multiply the tax rate by the taxable assessed value of your property and divide that number by 100.
The proposed rate is higher than the no-new-revenue rate of $0.579078 per $100 valuation, but lower than the voter-approval rate of $0.742039.
The no-new-revenue rate is the tax rate for the 2024 year that will raise the same amount of property tax revenue for the city from the same properties in both the 2023 and 2024 tax years.
The voter approval rate is the highest tax rate the city may adopt without holding an election to seek voter approval of the rate.
The council delayed adoption of the budget during a public hearing Thursday, Aug. 14, to refine the numbers or administrative errors in the budget, as well as receive additional input from the public.
That budget was adopted by the council during its Thursday, Aug. 29 meeting with the proposed tax rate of $0.665 per $100 valuation.
