"No one likes to hear about any kind of tax increase, whether it's an income tax increase, a property tax increase or a sales tax increase," said Richard Burton of B&A Financial Services. "Certainly not during this time of the COVID pandemic."
He's also a Durham homeowner, and checked when he heard that the county manager's proposing a $0.01 property tax increase in his next budget.
"If you look at the overall scheme of things, that one cent increase for a $200,000 house is probably going to go up only $20. So it's not going to affect your budget too much, for the average person. But again, nobody likes tax increases," Burton said.
Information released by the county breaks down what the tax increase should pay for:
- More funding for public education.
- Pay increases for county workers.
- A grant program to help long time homeowners who make 30% or less of the area's median income pay less on their property taxes.
"Yes, certainly nothing wrong with that. I think most people, if they see that this tax increase is going to be for the good of the community, the good of Durham County, they won't have much of a complaint about a one cent increase," Burton said.
Could it affect efforts to recruit businesses to Durham?
"It certainly can! Obviously it's a competitive environment, when cities look for businesses they look at Durham, they look at Raleigh. It needs to be to their advantage, wherever they place that new business," he said.
Bottom line for Burton, as a homeowner: "As long as the money is put to good use, I don't think 20 or 30 dollars is going to make or break me. So it's fine. It is what it is."
You can examine the details of the proposed tax increase here.