The Treasury Division is responsible for estimation of revenues for the City of Charlotte. This function involves maintaining a comprehensive set of forecasting models for various tax revenues, maintaining debt models, and participating in utility rate setting.
In order to accurately estimate revenues, Treasury staff must review current economic conditions within the City of Charlotte and the region, track revenue flows, and follow legislative developments that effect revenues.
Recent developments include a reduction of the state shared Beer and Wine tax that resulted in the City losing $2 million of FY2010 revenue. This revenue is expected to return for FY2011 unless the state takes additional action. Sales tax and many of the tourism related taxes that the City receives have declined in the last year due to the recession; however, the City budget has been balanced with revenues that have increased and expense reductions.
City Council approved the City's operating budget for Fiscal Year 2010 in June 2009. The budget maintains the City tax rate at 45.86¢ per $100 valuation.
All City Property was revalued by the Mecklenburg County Tax Assessor effective in FY2004. The next re-valuation is anticipated for FY2012 (beginning 7/1/2011). For information related to property assessment and land record management please visit Property Assessment and Land Records Management
For additional information about revenues within the State of North Carolina please visit the N.C. Department of Revenue
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