Padgett keeps tax rate at 52 cents
For Wake Forest property owners, the good news in Town Manager Kip Padgett’s budget is that the tax rate remains the same at 52 cents per $100 valuation and there is no change in the electric rates. For the town’s administration, the good news is that every penny of that rate is more than it was a year ago, about $478,000 for the 2017-2018 fiscal year against $457,000 in the current year. Of the 52 cents, 11 cents goes to the Wake Forest Fire Department for their contract with the town and 41 cents provides a proposed $24,940,185 to the general fund. The total general fund budget is $42,894,500 and the separate Wake Forest Power budget is $21,534,100. The town’s tax base has grown from $4,623,488,000 last year at this time to $4,899,445,110, giving the town more money to increase services for a population that continues to grow. Padgett proposes