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· 1996 Al~rnative Revenue Sources Tax Force <br /> <br />Supplementary tax levies for local school districts, 1992-93. (continued) <br /> <br />Counties and Current Expense Debt Service Total <br /> Districts Valuation Rate Amount Rate Amount Rate Amount <br /> <br />Stanly <br />Albemarle $324,522,627 0.14 $454,332 ~/a <br />Surry <br />Elk. in $341,072,287 0.16 $545,715 n/a n/a <br />Mount Airy _ $484,192,722 0.10 $484,196 <br /> Subtotal Group H $15,407,355,799 $21,732,894 $194,177 <br />Total Groups I and H $39,540,333,502 $35,949,320 $194,177 <br /> <br />$ounm: North Carolina D~a..nm~nt ol'Public lnstmcnion. 1994. <br /> <br />Note: Thia lable doea not includ~ amount~ levied by counti~ ~ unil'orra ~ounty-wi& ~upplemen~'y school tax~. <br />· School district tax ia levied md/or collec~*d by the municipality. <br /> <br />0.14 $454,332 <br /> <br />0. 16 $545,715 <br />0.1 $484,196 <br /> <br />What would this teclmique have get~.,rated lutd it been used in Cabarnts Cottnt~d itt <br />Fiscal 95? <br /> <br /> Total assessed value of all taxable property in Cabarrus County in Fiscal Year <br />95 was $5,128,291,178. The tax rates in use among the 19 counties listed previously <br />range from a low of .02 to a high of .22. If Cabarrus, employed a rate equal to the <br />lowest in use, .02, $1,025,658.24 would be the resulting tax revenues. The median <br />value of a house in Cabarrus County was $65,500 in 1990 based on the federal <br />Census. The .02 tax rate would add $13.10 to that homeowner's tax bill. <br /> <br />WImt is its potential to meet future demands? <br /> <br />Potentially very great. <br /> <br />Pros/co~s: While this is a new source of revenue, it is tied to residents already <br />assessed with the standard property tax. Its levy, however, cannot be accomplished <br />without taxpayer approval via the referendum. <br /> <br />Source: North Carolina Deparh~tent of Public Instruction. <br /> <br />$21,927,071 <br />$36,143,497 <br /> <br />7 <br /> <br />83 <br /> <br /> <br />