Everyone Raising Taxes, Fees or Both!
Raleigh, N.C. – Inflation, rising unemployment, and falling house prices did not deter Wake County municipalities from increasing property tax rates by roughly 5 percent and raising approximately 600 local fees for the fiscal year 2008-09 according to a study released by the Civitas Institute. The average homeowner of Wake County will pay an additional $145 in property taxes and municipal fees (garbage, sewer, water) alone. Hardest hit will be Wake Forest and Raleigh residents. Based on an average home value of $230,000 and monthly water usage of 6,000 gallons; Wake Forest residents will pay $246 more in the coming year due to rate increases, while those residing within Raleigh city limits will pay an additional $235.
The increase in property tax rates is in comparison to declared revenue neutral rates. Individual tax bills will vary according to each home’s recent property revaluation conducted by Wake County. Average Wake County property values increased 43 percent in the process that was finished in 2007 and took affect for the budget starting July 2008.
A survey of municipal fee schedules revealed roughly 600 new or increased fees, ranging from fees on new development to registration fees for youth athletics.
“At a time when rising gas and food prices are stretching household budgets thin, along comes another round of tax and fee increases by local governments. These increases will no doubt make it more difficult for working families to make ends meet,” said Brian Balfour, Tax/Budget Analyst at the Civitas Institute.
Click here to view the report online
If you would like more information regarding this topic, or to schedule an interview with Brian Balfour, please call Gabe Dellinger at 919.747.8065 or email at Gabe.Dellinger@nccivitas.org.