Williams proposing 1-cent tax increase
Calling it a “hold the line kind of budget,” on Tuesday night Town Manager Mark Williams presented his proposed 2014-2015 budget that includes a one penny tax increase that would go toward the operating expenses for the Wake Forest Fire Department’s Station #4 on Jenkins Road. The increase, if approved by the town commissioners, would raise the tax rate on town property to 52 cents per $100 valuation. The town’s estimated tax base is $3,939,067,000, yielding $21,774,900 for the general fund, 61 percent of the total general fund budget of $35,780,155. The last time there was a tax rate change was in 2008, a county-wide revaluation year when there was a jump in property values. Williams recommended a 46-cent tax rate, one penny more than a revenue-neutral rate, with the penny raising the fire department’s share to 9 cents. The board decided to add 4 cents into the tax rate