Photo by Jason Benavides

May 30. By Dave Vieser. Residents wishing to comment on the proposed $31.796 million Cornelius budget will have their opportunity Monday evening June 5, beginning at 6 pm in Town Hall.

At that time, the Town Board will continue its legally required public hearing on the FY 2024 spending plan.

Background

Town Manager Andrew Grant has proposed a $31.796 million municipal budget, down from the current year’s $33.155 million budget. The proposal for the 2023-2024 fiscal year includes $4.8 million in American Rescue Plan funds.

Click here for the town manager’s summary of the spending plan may be found on the town website.

How will the reassessment impact taxpayers should this budget be adopted?

Grant’s budget shows Cornelius’ total valuation is more than $11 billion, up 47 percent from $7.66 billion at the time of the previous county-wide assessment. The median value of a home in Cornelius is $457,500 and Grant’s recommended budget calls for a .1731 tax rate, whereby the revenue neutral tax rate would have been .1631.

The current rate, .232, is based on much lower valuations, so while the new tax rate is much lower, the actual amount to be paid will be equal to or higher for most taxpayers due to the significant increase in property values.

When will the budget be adopted?

Pursuant to state law, the new town budget must be adopted by June 30. The town board may adopt the budget on June 5, or they may hold off until their June 19 meeting. The new tax rate will be applied to property tax bills which will be distributed by the county this summer.

Where and when is the hearing?

It will begin at 6 pm at Town Hall on Catawba Avenue. Each speaker will be allotted four minutes for comments. The hearing may also be seen live on the town website: www.cornelius.org.