Thursday, September 29, 2011
City of Holly Springs adopts new budget
By SUE WATSON
The Holly Springs Board of Aldermen recently adopted the new fiscal year 2011-2012 budget, set at $6,415,926, down from last year by $764,736.
Mayor Andre’ DeBerry said the budget was cut mostly by slicing back capital expenditures for equipment, etc. There were few cuts in the operational portion of the budget and the city provided some raises to bring parity to employees working in the city with those working at the Holly Springs Utility Department, he said.
The true value of real property was down by $124,345 and true value of personal property was down by $1,403,912 in the city, he said.
Seventeen percent of the $6.4 million budget comes from ad valorem taxes, the mayor said. The remaining revenue comes from sales taxes, fines, permits, fees, etc.
Since the mill was worth less this year, the mill rate was raised by 6.79 this year in order to produce the revenue for the city and school district budgets. The city levied 88.97 mills as follows:
• 29 mills to the general city fund (26 mills last year)
• 0.21 mills for fire protection (0.21 last year)
• 51 mills to school district (47.43 last year)
• 1 mill to special school (1 mill last year)
• 4.06 mills school bond (3.66 last year)
• 3 mills school note (3 mills last year)
• 0.07 mills school shortfall loan (0.88 mills last year)
To illustrate real dollars that would be charged in ad valorem taxes on a $90,000 property in the city, the following tax information was provided by tax collector Betty Byrd.
If the property is located in the city it will be assessed ad valorem tax by the county of $685.35, the same the owner would have paid last year since the general county taxes did not go up.
The ad valorem tax for the general city fund mill rate of 29 mills this year will cost the taxpayer $262.89. Last year the owner would have paid $235.89. So the taxes on the property went up $27 this year for the general city fund.
The property is also assessed taxes for the Holly Springs School District.
The ad valorem tax for the school district last year for the same property would have been $495.81, but with increased taxes for the Holly Springs School District this year, the owner will pay $537.84 in school taxes, an increase of $42.03 in school taxes.
A homestead credit of -$300 applied to the property tax would bring the total ad valorem tax to the property last year to $1,117.05.
This year the total ad valorem tax will be $1,186.08 with the homestead credit, or an overall increase of $69.03 in taxes owed for year 2011.
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