Public Hearing on Proposed Tax Increase in Middlesex
(from the Southside Sentinel)
The Middlesex County Board of Supervisors will hold a public hearing on the proposed tax increases and the proposed FY18 budget on Thursday, March 23, at 7 p.m. in the historic courthouse in Saluda. The public is invited to attend and comment.
The county has advertised a proposed $24.5 million dollar county budget for 2017-18 (FY18), which includes a 3-cent real estate tax increase and a $1.65 personal property rate on most personal-use vehicles. Following the public hearing, supervisors cannot increase tax rates over the advertised amounts, but they can decrease them.
Currently in Middlesex, vehicles for personal use are taxed on only 35% of their fair market value, at a rate of $3.50 per $100. The supervisors want to change this formula and tax vehicles at 100% of the value at a rate of $1.65 per $100, which will generate about $400,000 in additional revenue. The rate represents about a 33% increase.
The 3-cent real estate tax hike will generate approximately $654,000 in additional revenue.