Property tax hikes have Wake residents concerned with affordability
Some Wake County residents are growing concerned that they won't be able to pay the property taxes on their homes after last month's increase.
In June, the Wake County Board of Commissioners unanimously passed their budget for the 2024 fiscal year. In the budget, property taxes increased by 3.75 cents, bringing the property tax rate to 65.7 cents per $100 in property value.
WRAL News spoke with Elaine Peebles Brown, who has lived in the historic Rochester Heights neighborhood for 66 years, and she's concerned that she will be priced out of the neighborhood.
"The check doesn't stretch far enough to take care of an older home to do the maintenance, increasing insurance [and] homeowner insurance doubled in the last six years," Brown explained.
Currently, Wake County has three programs to help with property taxes: Senior and Disabled, Tax Deferment, and Disabled Veterans Program. There are limitations for who can get approved for the programs.
Elderly or Disabled Homestead Exclusion
Applicants must be 65 years of age or totally and permanently disabled as of January 1.
Gross income for 2022 for both an applicant and spouse cannot exceed $33,800.
For unmarried joint property owners, each owner must apply separately, and benefit limitations may apply based on the percent of ownership.
This is a one-time application.
No requirement to payback.
- Disabled Veterans Exclusion
Veterans discharged under honorable conditions or their unmarried surviving spouse may be eligible for a reduction in property tax.
There is no age or income limitation on this program.
This is a one-time application.
No requirement to pay back.
- Circuit Breaker Program
Applicants must be 65 years of age or totally and permanently disabled as of January 1.
Gross income for 2022 for both an applicant and spouse cannot exceed $50,700.
For unmarried joint property owners, each owner must apply and qualify separately.
In addition, all owners must have owned and occupied the residence for the previous five years.
Homeowners must apply every year for this program.
Homeowners might have to pay some of this tax relief back, for example, if they move or sell their home.
Hundreds of people received help last year, but for those who don't qualify, Wake County has found a way to offer additional assistance.
"We've put in programs to help with utility bills, first-time homebuyers, low-interest loans and help make necessary repairs to your home," Wake County Commissioner Matt Calabria said.
While it doesn't cover property tax bills, it can help with those other homeowner expenses, and it's an assist Brown will look into.
“That would be a tremendous help," Brown said.
