Tax hike could remedy Cumberland's $4.1M revenue loss after revaluation
Posted February 2
Fayetteville, N.C. — Cumberland County could lose $4.1 million in tax revenue next year after the most recent tab of taxable property in the county showed a $560 million drop in value from 2016.
The total taxable property value in 2016 was $19.3 billion, according to a news release sent Thursday by the county. The property is now valued at $18.8 billion.
Officials said 62 percent of properties in the county lost value.
The loss was made up mostly of the hit taken by residential properties, which dropped $726 million in value. At the same time, commercial properties picked up $201 million in value.
The revaluation will affect how officials prepare Cumberland County's budget for fiscal year 2018.
“We have some challenges, and the best thing we can do is develop some options for the (Board of Commissioners) to consider,” County Manager Amy Cannon said in the news release. “That could include reducing our expenditures, which may lead to a reduction in county services.”
Another option, the release said, is to raise property tax rates by 2 cents per $100 of the property's value.
Total assesses property value by municipality:
Fayetteville: Decreased $435 million (3.5 percent)
Hope Mills: Decreased $2.5 million (.3 percent)
Spring Lake: Decreased $6.2 million (1.5 percent)
Eastover: Increased $4.4 million (1.7 percent)
Stedman: Increased by $183,284 (.2 percent)
Wade: Increased by $445,510 (1.4 percent)
Godwin: Increased by $290,264 (4.5 percent)
Falcon: Increased by $246,447 (1.9 percent)
Linden: Decreased by $101,606 (1.4 percent)