---

Lincoln County Commissioners held a budget session on April 14th and decided to reduce the County tax rate to 49.9 cents per hundred dollars valuation for fiscal year 2024.  Despite a 20% reduction in the rate, property tax bills that will be sent out in July will be larger because revaluation showed an average 65% increase in property values.

On Thursday (April 19th), the Lincolnton City Council held a budget session, and like the County, decided on a lower rate for the coming fiscal year.  The Council decided to reduce the City property tax rate from 56 cents to 50 cents (per hundred dollars valuation).  That's the lowest tax rate in the City since 1976.  Even so, your tax bill for property in the city will increase this year.  The 9% reduction in the tax rate will be more than offset by the increase in property values.  While some properties in the city increased by the average of 65% like those countywide, there are others that saw a 100% increase.  

Lincolnton's City budget will concentrate  on efforts to improve infrastructure.  $100,000 will be used to repair and improve existing sidewalks; $80,000 will be spent to improve handling of storm water; and the total expenditure on street improvent--including substantial repaving and fixing of potholes--will be over half a million dollars.  The City will also spend substantially on parks and recreation.  The expansion of First Federal Park is expected later this calendar year and the first steps toward the revitalization and redevelopment of City Park on N. Aspen Street will happen.

So what about your tax bill?  How much will it be?  

Just like with properties in the county (outside the city of Lincolnton), the increase in property values based on revaluation went up by varying amounts.  In some locations, the values of some properties increased more than n other areas.

As a hypothetical example, if you own a home in Lincoln County and your previous value based on the 2019 revaluation, was $200,000, a 65% increase would mean your property would now be valued at $330,000.  Under the 2022 tax rate (fiscal 2023) your County tax bill (not including the additional amount for fire district tax) would have been $1,238.  With the increase in value and the new 50.9 cents tax rate, your County tax bill this July would be $1679* [again, plus fire district tax].  If your property is in the city of Lincolnton, your City tax bill would previously have been $1,120 (based on the current 56 cents tax rate).  With the increase in value (to $330,000) and the new rate (50 cents), your tax bill this July would be $1,650.**

*.00509x$330,000=$1,679.70
**.0050 x$330,000=$1,650.00

---

---