Local News

Wake County to increase property taxes

Posted June 16, 2008 9:18 p.m. EDT
Updated June 17, 2008 1:07 p.m. EDT

Money

— Property taxes will be going up for Wake County residents.

The Wake County Board of Commissioners approved the increase Monday evening as part of the new $984.4 million budget for the fiscal year that begins July 1.

The new tax rate was set at 53.4 cents per $100 valuation. Last year's tax rate was 67.8 cents per $100 of valuation, but the Board of Commissioners rolled it back to 50.9 cents after a countywide property revaluation, preventing the county from collecting a windfall from higher values on homes, land and other real estate.

Of the 2.5-cent increase in the tax rate, 1.68 cents will go towards operating expenses on voter-approved bond projects. The remaining 0.82 cent will be used to fund public safety and law enforcement improvements.

The budget also includes $319.2 million for the Wake County Public School System. It offers a state pay raise of 6 percent for certified teachers and 3 percent for non-certified employees.