DeKalb readies for tax increase to offset revenue shortfall
A preliminary report released Monday showed property values dropped 10.5 percent in the county, more than double what was projected for the budget. That created a $25 million hole for commissioners -- who have sliced $33.6 million to create a $529 million budget.
A majority of commissioners said that meant another round of cuts, and, for the first time, consideration of a tax hike.
“It’s going to have to be a mix,” said Commissioner Lee May, who heads the budget committee. “The fact remains, we have a real revenue problem.”
And our school board is certainly considering the same thing - making for the possibility of a double tax hike. Except that homeowners will feel the school tax hike more, since school taxes account for approximately 70% of their annual property tax bills.
The school board very nearly passed a budget at their last meeting that spent all of the projected income along with a good portion of our reserves. Luckily, the budget was pulled in order to have more discussion and conduct some research. Now that we know the tax collections are far less than even the dismal projection, what will our board propose to fill the gap? Where else can spending be cut?