Hillsborough trims proposed tax increase
Published: Fri, May. 16, 2008 06:00PM
Modified Fri, May. 16, 2008 06:05PM
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closeHILLSBOROUGH — Hillsborough Town Manager Eric Peterson has trimmed a penny and a half off his recommended tax increase.
The new $7.1 million operating budget lowers the proposed tax rate increase from 5 cents to 3.5 cents. The new proposal, as of today, is 67 cents per $100 of assessed property value.
An owner of a $200,000 home would pay $1,340 in town property tax — $70 more than this year — instead of the $100 more Peterson recommended to the Town Board Monday night.
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That’s a 5.5 percent increase, compared to the 7.9 percent increase in his original budget.
Peterson cut expenses by reducing the town’s contingency fund, reducing police patrol costs and by cutting a proposed increase to the Arts Council, among other measures.
“While no one will celebrate a 3.5 cent tax increase, considering the town’s property valuation has barely increased ... this proposal does a good job mitigating a challenging situation,” he said.
The Town Board will hold a public hearing on the budget at 7 p.m. May 29 at the Town Barn, 101 E. Orange St.
mark.schultz@newsobserver.com or (919) 932-2003
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