MATTHEWS – The Town of Matthews has already generated more property tax revenue in the first seven months of the fiscal year than it budgeted for the entire year, according to Finance Director Beth Blair.
This equates to $118,000 above the budgeted amount of $12.7 million. Blair projects property tax revenues to come in $390,000 higher than projections through the end of the fiscal year in June.
Blair shared these results during the Feb. 24 town commission meeting. Commissioner John Urban asked if the property tax growth was the result of the onboarding of approved development.
“I’m not totally sure,” Town Manager Hazen Blodgett said. “It’s good news obviously. We do need to budget conservatively. I don’t have a good answer for why it’s higher than we expected.”
Blodgett said the county recommended the town factor in an appeal rate that Matthews would miss out on due to the recent property tax revaluation. The budgeted rate was 4%. The actual appeal rate was 3.55%, Blair said.
Revenues for the first seven months of the fiscal year are $17.9 million. General fund expenses are $14.3 million.
Blair said there were no concerns about the budget year-to-date.