Hamlet taxpayers may save some money next year due to the property tax cap, but the town’s budget will take a bit of a hit. During Wednesday’s public hearing on the 2020 budget, Clerk-Treasurer Kristina Pitts said that while the assessed valuation stayed the same, the amount of money that will actually make it to the town will go down.
“The tax cap went up $17,041 from last year, which is why in the total budget, I cut $18,900,” Pitts explained. About $12,000 was cut from the General Fund, while the rest of the cut was split between the Park and Motor Vehicle Highway funds.
Pitts doesn’t expect the cuts to have a big impact on the town’s operations. However, town employees won’t be able to get raises, and the budget will be a bit tighter for the several projects planned for the Town Park. Pitts added that she’d like to hold a work session with the town council to go over other revenue sources, to make up for the lost funding.
Hamlet’s 2020 budget proposal totals just over $448,000, with more than $311,000 of that being the General Fund. More than $49,000 that would otherwise be brought in is expected to be lost to tax caps. The budget will be up for the town council’s approval on October 23.
