Midland’s tax base has seen substantial growth since the fiscal year 2019-2020. | Stock Photo
Midland’s tax base has seen substantial growth since the fiscal year 2019-2020. | Stock Photo
The Town of Midland’s growth can be directly linked to its tax base.
The Independent Tribune reported on May 27 the town is showing 21.17% growth from the last fiscal year based on data collected for the proposed budget.
Factors for that growth include voluntary annexation, new development and Cabarrus County property revaluation, the Independent Tribune reported. The growth is the continuation of a trend for several years.
Officials anticipate the growth to continue with the construction of a subdivision and two additional voluntary annexations in the wings, the Independent Tribune reported.
The growth will help offset projected revenue losses related to the COVID-19 pandemic, the Independent Tribune reported. The county has a revaluation every four years. Had it not taken place this year, the town would have had to raise property taxes as well as cut services and pull from its reserve funding to meet its budget demands. As it stands, the budget will allow Midland to have the lowest municipal tax rate within the county.
The town is expecting collection rates to drop off slightly. The rate was budgeted at 97.5% but due to the pandemic impact, the rate expectations have been reconfigured for projections at 95% the Tribune reported.
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