GASTON COUNTY, N.C. — The city of Gastonia approved its nearly $300 million budget this week for Fiscal Year 2024, including a pause on rates for certain services for people that live there. Property taxes are being reduced too.
The tax rate deduction in Gastonia is similar to a step made by Gaston County commissioners in early June, passing a budget that decreased property taxes by some 20 cents. The city of Gastonia's budget takes property tax rates from 52 cents per $100 of assessed value down to 47 cents.
The city is working hand-in-hand with Gaston County commissioners who approved the biggest rate decrease since the 1960s.
Chad Brown, chairman of the Gaston County Board of Commissioners, said they've figured out how to balance the budget, hoping to save people tax money on homes that have increased in price.
"We went below revenue-neutral to offset some of those high absorbent amounts on homes here in Gaston County. We know we will make money because of those inflated prices," Brown told WCNC Charlotte.
Brown said for three years in a row, the county has left its fund balance or savings balance alone, which has put them at an advantage to be in this position.
Gaston County approved a $322 million budget in early June which takes effect on July 1st.
Contact Colin Mayfield at cmayfield@wcnc.com or follow him on Facebook, Twitter and Instagram.
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