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City passes 2017-18 tax rate and budget

Wed, 09/27/2017 - 10:06 am
newsdesk@grahamleader.com
The City of Graham passed their 2017-18 budget and total tax rate Thursday, a rate of $0.658126 per $100 valuation and a number higher than the previous fiscal year. “(The tax levy) is five percent over the effective tax rate,” City Manager Brandon Anderson said. The fiscal budget for this year will raise more revenue from property taxes than last year’s budget by $214,585 or a 5 percent increase. The city approved a total tax rate of $0.658126 per $100 valuation, compared to the effective tax rate of 0.639483 per $100 valuation and the rollback rate of $0.696052 per $100 valuation. The effective rate is the rate needed to come up with the same amount of money as was brought in the previous year. The rollback rate is the sum of the maintenance and operations and debt service rates, a figure usually higher than the effective rate, unless the amount of debt has decreased. Valuations on properties have decreased in Graham by $6,323,479 from 2016 to 2017 according to data provided at the last public hearing for the city’s tax rate and budget. The tax rate will raise taxes for maintenance operations on a $100,000 home by approximately $34.31 from $623.82 on the 2016 rate to $658.13. For a $175,000 home taxes will increase by $60.04 from $1,091.68 on the 2016 rate to $1,151.72. For a $250,000 home taxes will increase by $85.78 from $1,559.54 on the 2016 to $1,645. For the rest of this story, subscribe to our print or online edition.