The Greensboro City Council talks tax cut. But with an $11 million budget deficit, it’s going to be painful, at least for those who rely on the government dime.
Interesting how the N&R frames the issue:
A penny on the tax rate costs the average homeowner $20 a year, assuming a home worth $200,000. So, if city property taxes get cut by 2 cents, you save about $3.33 a month — enough to buy three Krispy Kreme doughnuts with a few cents to spare.
On the city revenue side, a penny brings in approximately $2.2 million. For every 2 cents, there would have to be about $4.4 million in cuts to come out of the city’s $255 million general fund.
Council member Nancy Vaughan says she’s “all for a tax decrease,” but “(l)et’s decide how we are going to get there.”
Meanwhile, the council unanimously approved a $542,000 “economic incentive grant” to prep a corporate park. I’m not sure that’s the way to “get there.”
