The proposed FY 2008-2009 town of Hillsborough budget of $7.14 million is a 9.6% increase over this year, as town ad valorem property taxes are proposed to rise from 63.5 cents to 68.5 cents per $100 valuation, an additional $100 on a $200,000 home.

But taxes aren’t the only thing rising. Water bills will further soak town citizens. Town customers face a $3 per month increase (if a minimum 3,000 gallons per month user). Non-town customers face a $5.84 per month increase.

According to town manager Eric Peterson, there was virtually no growth in Hillsborough's tax base over the past fiscal year. In fact, John Smith, the county's tax assessor is predicting a decrease. Turns out when the county purchased the privately owned Triangle Sportsplex, it removed millions of dollars of tax base and about $38,000 per year in property taxes.

Showing a true addiction to growth, Manager Peterson cries out, ”“The fact is we just haven't had any growth [and] we haven't had any development approved – and that exacerbates the situation.” See Herald Sun Hillsborough Tax Story.

No word on why the town didn’t anticipate the loss of tax revenues by the public purchase of private property.