What About Taxes?
Voting to help improve education in Alamance County at the ballots this November will be as easy as 1-2-3. The first components, the School Bond (ABSS Bond) and the Community College Bond (ACC Bond) aren’t too hard to understand, but what is the local sales and use tax and why is it important?
Article 46 One-Quarter Cent County Sales and Use Tax
Its name might sound intimidating, but voting in favor of the ¼ quarter sales tax ultimately means an increase by one-quarter of a penny. That means for every four-dollar purchase, there will be an additional one penny paid in sales and use tax.
Annually, $4.8 million dollars would be generated from the increase and used towards education and training, including debt service on facilities. Commissioners approved a resolution on April 16, 2018 that directs the funds to be used in this way.
How will this affect me?
Currently, Alamance County has a sales tax rate of 6.75%, and if the increase is passed by voters, that would rise to 7%. You would experience the increase of one-quarter of a penny when purchasing certain items such as clothing, household supplies, electronics and prepared food and drinks, such as at a restaurant. Gas and groceries would be exempt from the increase.
If the sales tax passes, it is estimated that a property tax increase could be reduced by 3.62 cents. Since property taxes are only paid by those who own property in Alamance County and sales tax are paid by anyone (people who rent, visitors and those who come to the county to shop), the burden to pay back bond debt is not exclusively placed on homeowners.