Results of a countywide property tax revaluation could result in an estimated 7% or 8% increase in property tax bills for Mount Olive residents, but town officials say the final estimates are not in yet.
They do expect those final numbers by the end of the month, said Town Manager Charles Brown.
“We have not received the numbers on that yet, but I am certainly hoping for some positive changes,” he said. “Over the past few years, Mount Olive’s tax base has actually declined, and that is not good for us.”
Brown said at this point he thinks there will be a 7% or 8% increase in property tax revenue coming back to the town, but at this point he does not have the numbers to substantiate that.
Brown noted that a one-cent tax increase generates about $20,000 for the town, and the way it looks right now revaluation could give Mount Olive an additional $125,000 to $130,000.
“Every little bit helps,” Brown said.
Right now, nothing is set, and residents throughout the county still have the right to appeal the revaluation numbers.
Brown said somewhere around 700 residents throughout the county have asked for a repeal appearance before the county board of adjustments, and until that process has been completed the numbers are not final.
“I don’t know what the timeframe for all that is, but I feel confident it all should be completed by the end of the month,” Brown said.