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Cornelius News

Tax rate will stay flat at 17.31 cents per $100 of valuation

Photo by Jason Benavides

May 21. By Dave Vieser. At their Monday May 20 meeting, the Cornelius Town Board unanimously approved the proposed 2025 fiscal year budget which will keep property taxes at the current rate. The town tax rate will remain steady, at 17.31 cents per $100 of assessed value.

For a home assessed at $500,000, that amounts to an annual town tax of approximately $865, which amounts to about a third of a taxpayer’s bill. The remainder is comprised of Mecklenburg County taxes, which covers costs for CMS, as well as many other county services. The county tax rate will be determined by the county with the adoption of their 2025 budget within the next several weeks.

The spending plan totals $40.6 million for the next fiscal year which will begin July 1. To read the budget, click here.

Prior to the vote, two residents voiced concern over the tax rate, suggesting instead that taxes should actually be raised.

Unanimous vote

However, Mayor Woody Washam said he felt comfortable with the budget as proposed.

“Our staff has worked diligently on this fiscal plan, and I feel that we are in a good place. In the future, we will probably reach a point where taxes may have to be increased, but that time is not now,” he said.

With that, the commissioners voted 5-0 in favor of the budget.

Also at the May 20 meeting, the commissioners received some good news from Deputy Town Manager Wayne Herron, revealing that the Cornelius cost for the Potts Roundabout currently under construction at the Cornelius/Davidson border, has been reduced from $9.4 million to $3.1 million. The primary cause for the reduction was a discretionary fund award provided by the Charlotte Regional Transportation Planning Organization.

In other action:

—Commissioners approved a $169,000 contract with Kimley-Horn consultants of Charlotte for development of a Downtown Master Plan. The contract was the product of a Request for Proposal process that yielded receipt of seven proposals from qualified firms. Two finalists were selected for interviews and Kimley-Horn was determined to be the most qualified firm. Kimley-Horn will have up to one year to complete the plan.

—Commissioners ratified an investment advice agreement with Valley View Consulting LLC of Huddleston, Virginia, which will run through June 2028. Among other activities, the firm will assist the town in developing cash flow projections, suggesting appropriate investment strategies and advising the town on market conditions. The annual cost to the town for their services is estimated to be approximately $18,000. This is the first time Cornelius has hired such a firm, according to Town Manager Andrew Grant.