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(ARCHIVE PHOTO | THE GRAHAM LEADER) Graham Regional Medical Center is hosting a public hearing next week regarding its proposed budget and tax rate for the upcoming fiscal year.
Graham Regional Medical Center is hosting a public hearing next week regarding its proposed budget and tax rate for the upcoming fiscal year. The proposed tax rate will remain the same as the year before, but property values are set to increase.
A public hearing will be held at noon Wednesday, Sept. 25 at the GRMC Education Conference Room at 1301 Montgomery Road in Graham. Following the public hearing regarding the tax rate and budget, the GRMC board will consider adoption of both.
The proposed tax rate of $0.272984 per $100 valuation is the same rate that was adopted the previous year and comes in under 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 $0.265039 per $100 valuation. The no-new-revenue rate is the tax rate for the 2024 year that will raise the same amount of property tax revenue for GRMC from the same properties in both the 2023 and 2024 tax years.
Due to the proposed rate being higher than the no-new-revenue rate, this means that GRMC is proposing to increase property taxes for the 2024 tax year.
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 5.09% from $3,758,234 in 2023 to $3,949,792 in 2024.
The average homestead taxable value in the Graham Hospital District increased by 8.63% from $138,247 in 2023 to $150,182 in 2024. Taxes on the average homestead will increase from $377 in 2023 to $410 in 2024.
For assistance with local tax calculations from all area entities, contact the Young Central Appraisal District at 940-549-2392, or email youngcad@youngcad.org.
