New London’s property tax rate to remain at 16 cents
New London’s 2019-2020 proposed annual budget recommends that the property tax rate remain at 16 cents per $100 valuation.
The total proposed budget for New London for fiscal year 2019-2020 is $1,101,975.
This is slightly lower than the current budget’s total of $1,223,600.
The proposed budget includes $799,000 for the general fund, $271,025 for the water and sewer, $23,600 for the Powell Street fund and $8,350 for the cemetery fund.
For the general fund, $40,000 is allotted for possible improvements to the town’s museum and for Town Hall.
The town also received a N.C. Parks and Recreation Trust Fund grant of $275,000 to develop a park on North Main Street and the town’s portion for the project is projected to be $400,000 to complete the project.
The budget will be voted on during the June 6 council meeting. The proposed budget is available for review at the New London Town Hall.