Nobody in the media has put the pieces together, but the threat of massive new expenditures by everyone in this region are in process.
1) Property Taxes – The City of Wilmington had a 3.5-cent property tax increase this past year. Unfortunately nobody opposed it because they were busy fighting a $75m (including interest) baseball stadium which, if passed in Nov. referendum, will result in an additional 2.5-cent property tax increase.
2) Covanta/New Hanover County – The county currently has a waste tipping fee of $59/ton which is high and is attempting to reactivate their 80s style incinerator for tens of millions of dollars. The overall result will be at least a $90/ton rate (that could go higher). For perspective Mecklenburg County is at $29.50/ton, Johnston County is at $33/ton. Mass. is the state with the highest rate at $105.40/ton. New Hanover isn’t really paying attention. (StarNews here, Port City Daily here)
3) Progress Energy – The utility giant is considering a 14.2 increase in rates. That’s significant. They claim they haven’t had a rate increase since the 80s. The media forgets SB3 (Renewable Energy Portfolio Standard) which increased rates by 10% in 2007, but it wasn’t a rate increase, it was an unnecessary fee to buy expensive “renewable” energy from other states. (WWAY story here)
4) Home insurance – The Insurance Commission in NC is considering a 30% increase in homeowners insurance for coastal residents. Nope, not based on risk, but on historical data. The NC DOI has announced a public comment session on 10/17/12 at 9:30 AM. Comments can be emailed to 2012homeowners@ncdoi.gov and/or send them a tweet at @NCInsuranceDept. Coastal residents are clearly disturbed.
5) New Hanover School Board – They rolled out their $390m capital request as well. Geesh. . . It never ends! (StarNews here)
How much is too much?
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