Chatham County Board of Commissioners Approves 2023-24 Budget

On June 20, 2023, the Chatham County Board of Commissioners made an important decision. They approved the County's budget for the fiscal year 2023-24 by a 3 to 2 vote. This is a significant moment for Chatham County residents, particularly those who are interested in real estate, construction, or homeownership. The budget includes a tax rate increase of 2 cents and prioritizes support for education, growth, and staff recruitment. In this blog post, we'll go over the major highlights of the Chatham County budget and what it means for you.

Tax Rate Increase:

The Chatham County Board of Commissioners has approved a tax rate increase of two cents, bringing the rate to 68.5 cents per $100 of property valuation. While any increase in taxes is unwelcome news to most homeowners, it's important to note that the extra revenue generated by the increase will be used to support education, incentivize economic growth, and bolster staff retention efforts. These priorities positively impact the community as a whole, including future homebuyers and real estate professionals.

Revenue Projections:

In terms of revenue projections, the County expects to see a 7.9% increase in Ad Valorem taxes and a 19% increase in sales tax revenue. These figures indicate that Chatham County's local economy is vibrant and growing. Commercial permitting and inspection fees are also projected to increase significantly, which signifies a healthy level of construction and development activity in the area. While Register of Deeds excise tax revenue is projected to decrease by 20%, this is due to a slowdown in real estate filings and activities, which can fluctuate from year to year.

Prioritizing Education:

One of the key priorities of the Chatham County budget is support for education. The Board of Commissioners has allocated significant resources to this area, including funding for school infrastructure improvements, teacher salaries, and student resources. As a result, Chatham County's schools will continue to be a desirable option for families with children, which can have a positive impact on real estate values in the area.

Growth Incentives:

Another important priority of the budget is the incentivization of economic growth and development. This includes funds for business incentives, land acquisition, and infrastructure improvements. The Board of Commissioners recognizes that a thriving local economy benefits all members of the community, including homebuyers and real estate professionals. By investing in growth and development, the County can ensure that the area remains an attractive place to live, work, and invest.

Staff Retention and Recruitment:

Finally, the Chatham County budget prioritizes staff retention and recruitment by investing in employee training and benefits. This is an important consideration for anyone who relies on County services, including homeowners and construction professionals. When County staff are well-trained and well-compensated, they are better equipped to serve the community effectively. Additionally, a stable and motivated workforce can positively impact the local economy and real estate values.

In conclusion, the Chatham County Board of Commissioners has approved an important budget for the fiscal year 2023-24. While the tax rate increase of two cents may be unwelcome news to some, it's important to consider how this revenue will be used to support education, growth, and staff retention efforts. Additionally, revenue projections indicate that Chatham County's local economy is healthy and growing. By prioritizing these key areas, the Board of Commissioners is investing in the community's future and ensuring that Chatham County remains a desirable place to live, work, and invest.