Winston-Salem, NC -- You could take home less money in your paycheck if you live in Winston-Salem, but that could all depend on where you live.
City Manager Lee Garrity wants to raise the property tax rate by 3.9 cents to 53 cents per $100. But he says six out of 10 property owners will pay less since their homes are worth less due to revaluation.
Garrity says that's why his proposal would bring in less money even with a higher tax rate.
This is all part of the city manager's proposed $378.8 million budget for the city of Winston-Salem in the upcoming year.
Under the 2013-2014 FY budget, a resident owning a $100,000 house whose value did not change in the revaluation process would pay $39 more in property taxes.
If the value of that same house dropped 5 percent to $95,000, the bill would increase by $13.
Finally, if that same house saw its value decline by 8 percent, the owner's tax bill would drop by $3.
Also included in the new budget would be a reduced city payroll. The city would cut payroll to 52 positions--28 of those would be in the sale of the LJVM Coliseum and Bowman Gray Stadium.
The City Council's Finance Committee will start to review the budget next week. Councilmembers will hold a public hearing and vote on the budget June 17.
By state law, the budget must be passed by June 30, and it will go into effect July 1.
To view the full budget or find out how to participate in the budget process, visit the City of Winston-Salem's website.
City of Winston-Salem