Orange County NC Website
Browse       Search
the $52 million referendum would have a maximum tax impact <br /> equivalent to 15 cents per $100 of assessed valuation on the property <br /> tax rate. The net tax rate impact of the bond is actually less due <br /> largely to Revaluation in 1993-94 and the favorable interest rates <br /> obtained when the bonds were actually sold. <br /> Tax rate increases for the $52 million bonds were as follows: <br /> 1993-94 - just under the equivalent of 5 cents per $100 <br /> of assessed valuation <br /> 1994-95 - just under the equivalent of 2 cents per $100 <br /> of assessed valuation. <br /> 1995-96- Just over the equivalent of 4 cents per $100 of <br /> assessed valuation. <br /> Total tax rate impact - approximately 11 cents per <br /> $100 of assessed valuation. <br /> Schools - Current Expense <br /> The planning allocations from the State Department of Public Instructions over <br /> the past three years have averaged just over 600 new students each year. If the <br /> current expense appropriation of $1,451 is maintained, and there is similar <br /> student growth 1995-96, this increases the current expense appropriation by <br /> $870,600 or the equivalent of just under 2 cents on the tax rate. During 1995-96 <br /> the new Stanback Middle School is scheduled to open. Under the plan endorsed <br /> by the Board of Commissioners last June, start-up funding totaling $242,000 is <br /> being appropriated from capital funds to help offset these building /start-up <br /> expenditures. <br /> M;\SALLYIRETREAT.WPD <br />