During a special budget workshop meeting Monday, Hope Mills commissioners and staff discussed the town’s proposed 2024-25 budget of nearly $18.4 million, with the board making a few minor tweaks to line items.
The proposal includes what would be the town’s first property tax increase in more than 12 years, according to Mayor Jessie Bellflowers.
Commission moves toward budget approval, with property tax increase
What happened: Commissioners discussed at length the proposed $18,394,000 budget for fiscal year 2024-25, asking town staff to make small changes to some departments’ line items while staying on track to adopt the balanced proposal. Although most of the evening’s talks focused on operations of the town, commissioners also addressed a proposed increase to the property tax rate that is part of the budget proposal. They asserted the 5-cent bump from $0.46 per $100 of assessed value to $0.51 per $100 of assessed value was necessary for a balanced budget. The budget proposal also includes a 2% cost of living adjustment for town staff.
Why it matters: Should the budget, with the suggested property tax increase, be adopted, a resident living in a home with an assessed value of $200,000 would pay an additional $100 in property taxes annually, according to town staff.
What’s next: Residents will have a chance to comment on the budget proposal during a public hearing at the board’s next meeting, scheduled for 7 p.m. June 3 at Town Hall. Commissioners then can vote to adopt the budget at that meeting.
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