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Iredell revaluation could blunt tax cut: Most residents would pay more in proposed budget.

The Charlotte Observer (Charlotte, NC )

| May 24, 2007 | This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Kathryn Thier

May 24--Iredell County's proposed 2007-08 budget would drop the property tax rate two cents, but revaluation means most residents would end up with higher tax bills.

The tax rate would decrease from 46.5 cents to 44.5 cents per $100 property value.

Under the proposal, the owner of a home valued at $250,000 would pay $1,112.50 a year in county property taxes.

With revaluation, the county's overall tax base increased 24 percent over last year.

To bring in the same amount of revenue as this year, the county would need a tax rate of 40.6 cents.

The additional money is needed to address growth and school…

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