If you live on Hilton Head Island, you'll love this news about your taxes

Hilton Head Island residents won't pay more in property taxes next year after being asked to pay more this year in the wake of Hurricane Matthew.

The move comes after Town Council gave unanimous final approval to the $79.6 million fiscal year 2019 budget at its Tuesday, June 19, meeting. The new budget is $9.69 million less than this year's spending plan.

"The '17 budget was kind of an anomaly because it was so aggressive in the number of projects," Director of Finance John Troyer told council last month. "We've kind of eased back into a more long-term, sustainable budget."

Because of the county's reassessment process, the town's property values increased by 2.72 percent. The town then rolled back its millage rate by the percentage increase, as required by South Carolina law.

"Overall, property values went up from reappraisal," Troyer said. "The town reduces the tax rate to result in the same property tax revenue overall."

However, Hilton Head residents will continue to pay the second year of a five-year, 5-mill increase established last year to replenish hurricane recovery reserves.

After a revised first reading, a workshop and a public hearing, the final budget is $246,000 less than the initial proposal.

The Capital Improvement Projects Fund shows the largest decrease in funding — about $7 million less than last year. That decrease is mostly because the town is finishing several large projects such as the University of South Carolina Beaufort hospitality campus, beach renourishment and roadway projects, Troyer said.

Planned capital improvement projects next year include the next segment of the town's sewer expansion, road improvements and dirt road paving, among others.

The town's budget has decreased each of the last three years.

This story was originally published June 21, 2018 at 11:26 AM with the headline "If you live on Hilton Head Island, you'll love this news about your taxes."