Residents in Franklin County could be facing a 24-cent property tax increase for the 2019-2020 fiscal budget if the county commission there approves the hike at a meeting next week.
Franklin County Mayor David Alexander said the hike is due to lack of funding for the Franklin County School System’s budget, saying that a 24-cent increase in taxes this year will not solve the issue, adding that the county will need to hike taxes another 16 cents next fiscal year to cover the school’s shortfall, according to the Herald-Chronicle.
He also added that an annual 8-cent per year tax hike would be coming. On average, a 24-cent hike would mean about $5 per month in additional monthly mortgage for a homeowner owning a home valued at $100,000. If the increase is rejected by the commission, the school system would then need to revise its proposed budget.
Eleven cents of the proposed hike is to cover bonds issued to build two new middle schools in the county, while 5 cents is to hire 14 new correctional officers and 3 cents to fund a two million dollar bond issued for expansion of the new Franklin County jail. Two cents is et aside to fund a 2 percent raise for county employees with the highway department and solid waste management and 1 cent is for increased gas and utility expenses, according to the Herald Chronicle. An additional 2 cents is to cover a fund balance shortfall. The meeting is set for 7 p.m. Monday, July 29 at the Courthouse