A plan implemented last year to offset the city and county tax burden on airplane owners at Pitt-Greenville (N.C.) Airport has attracted more aircraft owners to the airport. The Greenville City Council and Pitt County Board of Commissioners each unanimously voted to continue funding this year for a stimulus plan that provides about $150,000 in credits to aircraft owners. The two governments will split the cost equally.
Last year, the two governments gave the airport a total of $108,568 to pass on to airplane owners in the form of credits that could be used to pay for rent or other airport services. The airport also reduced the price of jet fuel.
An additional $143,026 in tax revenue has been forthcoming to local government since the plan was implemented last year, because several owners have moved their airplanes back to the airport or have purchased more expensive aircraft, airport manager Jim Turcotte told a local newspaper.
City and county taxes amount to $1.26 per $100 of an airplane’s tax value, according to tax documents. For example, the owner of an airplane with a value of $26,000 pays $330 in city and county taxes. That owner gets a credit of about $100. The owner of an airplane with a tax value of $1 million pays $12,600 in taxes and receives $3,900 in credits. In the year since the incentive package was implemented, one person bought a $10 million airplane, according to the airport manager. After deducting the amount spent funding the stimulus plan, the city and county ultimately netted $211,568 for last year. There are currently about 75 aircraft based at the field.