Property taxes in Winston-Salem likely to go up on July 1
WINSTON-SALEM, N.C. — City officials say property-tax rates in Winston-Salem will likely go up in the fiscal year starting July 1.
The Winston-Salem Journal reported that members of the Winston-Salem City Council’s finance committee said Monday that the city’s property-tax rate would likely have to be increased to make up for an expected $8 million shortfall in revenues from property taxes.
Nearly $104 million in property-tax revenue this fiscal year ending June 30 will make up 26 percent of city’s $392 million budget, according to the city budget.
The property-tax rate would have to be increased by nearly 9 percent to make up the $8 million shortfall, from 49.1 cents per $100 of assessed value to 53.5 cents.
If that tax rate were approved, the owner of a $200,000 house would see his or her property tax go up from $982 to $1,070.
Read full story: The Winston-Salem Journal.