Chimney Rock Village approves budget

Increase parking lot rate to $2
Jun. 19, 2014 @ 03:58 AM

Taxes will remain the same in 2014-15 for residents in Chimney Rock Village and business owners in the Municipal Service District (MSD).

Chimney Rock Village Council unanimously approved the budget during its regular business meeting Tuesday night.

The general fund has a tax rate of 7.5 cents per $100 property valuation. The rate is based on a total valuation of $56,206,570. Based on a 95 percent collection rate, the taxes will return $40,000 in revenues for the general fund.

The MSD tax rate is also 7.5 cents per $100 property valuation. There is a property  valuation of $17,154,770 and the tax rate will return $10,000 in revenue based on a 97.5 percent collection rate.  MSD taxes are collected from business owners in the Main Street district.

The general fund budget is $135,000.

Also Tuesday night, Village Council voted to raise the daily parking fee for the town's main parking lot from $1 to $2 . The additional revenue will help fund the gate improvement and provide additional income for the general fund.