By Richard Sullins | richard@rantnc.com
Broadway’s 1,300 residents could see a property tax increase in the new fiscal year that begins on July 1, if the town’s board of commissioners adopts the budget recommended by its manager on May 20.
Small towns like Broadway often feel the pinch caused by inflation more acutely than larger municipalities because they lack the financial reserves to fall back on when rising prices impact the budget in unexpected ways.
Town Manager John Godfrey presented his recommended budget just before a public hearing was opened on whether to adopt it. Godfrey’s budget includes an increase in the property tax rate of two cents per $100 of valuation in real or personal property held by the town’s taxpayers. For a home valued at $250,000, that would mean an increase of about $50 per year.