ACC-FPX5610 Advanced Accounting, Budget Planning, and Control Tax Rate Proposal and Budget for Caroline County

As the annual meeting with the county board of supervisors draws near, a proposal regarding the tax rate and budget for Caroline County is set to be presented. This proposal aims to thoroughly analyze income and expenditures, establish a balance in tax rates, and develop a fiscally responsible budget based on anticipated tax figures.

Historically, Caroline County’s tax rate was established at 1.25% relative to the assessed real estate value, resulting in a $10 million budget from various sources. Real estate taxes accounted for a quarter of this budget, with property valuations in the county totaling $200 million.

Since the last tax rate decision, there have been changes in property valuations within the county. Specifically, property assessments have increased by 2%, excluding the contribution from 15 new businesses, which add an assessed value of $4 million, and an additional $10 million from a newly initiated housing project.

Additionally, new state mandates require an additional $500,000 for local schools, which will not receive state support. The county is also considering the purchase of six new school buses, each costing $200,000.

Determining the tax rate and budget for the upcoming year requires careful consideration of all relevant data and documents. By assessing the projected total property value within the county and estimating potential increases in the county’s surplus following the proposed measures, a detailed tax rate proposal and financial plan can be developed.

In conclusion, it is crucial that the proposed tax and budget framework for Caroline County effectively balances income with expenditures to ensure fiscal responsibility and support essential public services such as education.