Wednesday, March 8, 2006

[View from the Ridge] 3/08/2006 05:28:30 PM

Some Outer Banks residents may not know that BeachHugger founder, Ray Midgett (retired) is a former tax auditor (including sales tax) for the North Carolina Department of Revenue. According to Midgett, he made his assumption that the county would garner less than 50% of the anticipated $12 million yearly revenue, based upon these facts, (1) all rental reservations made prior to Dec. 31, 2005 for the 2006 summer season are not subject to the new sales tax, (2) all building contracts signed and/or quoted prior to Dec. 31, 2005 do not have to pay the new sales tax on building materials, etc. even though construction takes place after Jan.1, 2006, and, (3)the first six months of the year, historically, do not produce 50 of the annual sales tax revenue.
And, this is only the beginning...add in, (a) a declining economy, (b)taxpayer's buying out of the county...yes, many of them are doing just THAT!

Posted by Anonymous to View from the Ridge at 3/08/2006 05:28:30 PM