We have to turn to The Rhino Times for details on why what the Mecklenburg County Commission did Wednesday night will hike your property taxes next spring.
The county officially adopted the higher debt ceiling that we have been warning you about for months. As a result the debt service portion of the county budget can hit 22 percent — up from 16 percent — while the total debt per capita can zoom to $4200, up from $3600. This is required because county officials are looking at taking on about $3 billion worth of debt between now and 2015.
As the Rhino details “the projected debt issuance skyrockets from $375.4 million in FY2009 to $408.5 million in 2010 to $518.6 million in 2011. It dips to $434.3 million in FY2012; $312.6 million in 2013; $281.5 million in 2014; and $261.2 in 2015. The county’s annual debt service shoots from $255.2 million in FY2009 to $403.2 million in FY2015.”
How to pay for that? County officials are already banking on higher revenues from the — wait for it — the property revaluation to spin off more money, both for debt service and a more robust paygo fund for capital projects. This telegraphs the county commission will take one look at the debt situation next spring and declare that the county cannot possibly afford to adopt a revenue-neutral property tax rate.
Blam. Instant 20 percent property tax hike for 90 percent of property taxpayers. Take cover.
