Oak Island Town Council tentatively approved an $18.07-million general fund budget during their May 9 meeting which would include a property tax rate of 16-cents per $100 taxable value. If approved, the rate would go into effect for fiscal 2024 which begins July 1.

The proposal is less than what council discussed April 28, which was to lower the current base tax rate from 23-cents to 15-cents but maintain the sand tax at 5-cents, for a total of 20-cents. The change in rates is prompted by increasing property values.