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5 <br />THE NEED FOR LOCAL TAX REFORM: <br />Note: 1998 property tax rate is 55¢ per $100 valuation <br />Current sales tax to County is 2 %. <br />Current total tax burden is $54.5 million. <br />A. Estimated $9 million revenue source that would be realized by an additional 1% sales tax is <br />equal to approximately one - quarter of the property tax levy of an estimated $39 million. <br />• Current projected sales tax revenue is $15.5 million, or apptoximatel: ,A% of the tax <br />burden. WY; <br />• The additional one -cent sales tax would level it;put to apptily 38% of local tax <br />revenue, or 38¢ of the local tax dollar, thereby v =ing, l u $ hating, the burden <br />on the property owner. < .: °> w >. .... >• <br />Local Tax <br />Prosy Tax <br />Current - 72% <br />Proposed - 62% <br />B. Sales tax captures the participation of more peple - spesponsibility. <br />• Temporary residents, commuters, illegal-0mmigrants ' ged in illegal trades <br />C. Will avert the need for the scheduled 'ta s' a of 3 ¢ ;.dF5% which is equivalent to <br />$2.1 million and future property t2F tn. },.:.rin cr eas <br />. , <br />tax increases have to d b'::- <br />DPY .!'pai y.t,e taxpayeaiump sum annually. If taxes are not <br />paid, homes, businesses ar�,$hiclese subjectrtforeclosure and can be sold if taxes are <br />not paid. : #', <br />.i4 fix :. •fcGJY <br />E. $des tax is based.;: { umptionSphier has control over the purchasing decision — <br />where iauch. Saldk;ts`paid a little at a time, spread over the year --at the <br />urchase.::proposed tax is 1¢ on $1; 10¢ on $10, $1 on $100; $10 on the <br />$100 of }Some items, such as automobiles, fuel and medicine, are <br />exe .affecte;sctadditional 1 ¢ sales tax. <br />F. <br />• School ct `asr<iirnd facilities Industrial parks <br />• Ambulant asl 'EMS bases Transportation <br />• Help for fang'septic tanks Fire protection <br />• Libraries;::;` Drug abuse treatment and education <br />• Law etforcement equipment & facilities • Court and jail facilities <br />• Cie "ater needs • Parks <br />+rr> "`Sever treatment Preventative health programs <br />v...X-::. >,:., <br />Cities and Towns Benefit -- <br />• Brookford, $35,000 Hickory, $2,500,000 <br />• Catawba, $50,000 • Long View, $300,000 <br />• Claremont, $80,000 • Maiden, $250,000 <br />• Conover, $500,000 • Newton, $950,000 <br />O:UIORVBROWMWPDOCSIONECEN SLTXADVN.WPD <br />