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Lower property tax rate proposed for Meck County

Mecklenburg County’s property tax rate would drop by 5.13 cents under a proposal presented today to the Board of County Commissioners.

Hyong Yi, budget and management director for the county, presented a rate of 78.74 cents, which is lower than fiscal 2011′s rate of 83.87 cents.

This year was a revaluation year for the county, in which the values of residential and commercial properties are reassessed for taxing purposes. The last revaluation was in 2003.

State law requires the county’s tax rate to be revenue-neutral when a revaluation is conducted.

Under the new rate of 78.74 cents for every $100 of property value, the owner of a $200,000 home would pay property taxes of $1,560.80 a year. Under the rate of 83.87 cents, the taxes would be $1,677.40.

The commissioners will set the property tax rate when it approves its fiscal 2012 budget in June.

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