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Graham hospital board adopts budget, tax rate

Tue, 09/29/2020 - 3:33 pm
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    The Graham Regional Medical Center Board of Trustees adopted their effective tax rate and budget for the fiscal year during their regular meeting last Tuesday. The tax rate accepted by the board was for $0.349405 per $100 valuation. (Leader file photo)
news@grahamleader.com

The Graham Regional Medical Center board adopted the effective tax rate and budget for the fiscal year 2021 during their board meeting on Sept. 22. The tax rate for 2021 will be $0.349405 per $100 valuation.

The total taxable value for the district went up from $850,398,680 to $975,041,281. Due to the increase in value, the rate needed to produce the same revenue from last year went down. The FY2020 tax rate was $0.395206 per $100 valuation. The new tax rate reflects the no-new-revenue rate for FY 2021.

“Because there are some new construction in that $975 million, it does increase what we collect by $46,000 even though it is the no new tax rate” said GRMC CEO Shane Kernell. “If you look at what was existing last year, what is existing this year produces the same money, plus whatever was new, that’s what produces the additional 46.”

For the rest of the story, see the Sept. 30 edition of The Graham Leader.