Wake County has already set its tax rate
The headlines are about the tax rates in Wake Forest and Wake County, but the real upset-the-applecart move has been this year’s revaluation of all property in the county.
In the blink of an eye the values of all real property — buildings and land — were raised by 51 percent. A house valued at $450,000 went up by $2,295 to $452,295. Most homeowners and property owners were — and still are — aghast at the increase since the last revaluation four years ago. No one’s pay checks or Social Security checks were increased.
But the inflation continues to affect the cost of goods and equipment towns and counties must have, which has led to all Wake County towns proposing tax rates that are higher than the revenue-neutral rate, which could have eased some of the financial strain for property owners.
In Wake Forest, Town Manager Kip Padgett and his staff put together a 2024-2025 budget of $128,668,100 with a tax rate of 42 cents. It is very likely that the town commissioners will approve the budget and the tax rate during their action meeting next Tuesday, June 18, despite some questioning of it during their work session last week.
Personnel costs are the largest part at 40 percent followed by operating costs at 31percent, power purchases at 11 percent, debt service at 9 percent and capital outlay at 9 percent.
There will be other charges on your tax bill besides the amounts due for the town and county property taxes. In Wake Forest, the monthly residential solid waste fee has been increased by $1 to $23, the vehicle fee remains at $30, and two fees/charges will be approved by the Wake Forest later this year.
In September there will be a 2.5 percent increase, $2.75, in the Wake Forest Power bill, which is monthly and based on use.
In November the town board will approve the implementation of the stormwater fees which apparently will be annual. They will apparently be based on the amount of impervious surface on each lot, and there are three tiers for the assessments. In Tier 1, which may be 10 percent of the properties, the assessment for one ERU is $44; in Tier 2 with 2.75 ERUs, 70 percent of the properties, the assessment is $121; and in Tier 3 with 20 percent of the properties and 5.25 ERUs the assessment is $231.
The budget includes 13 new personnel positions:
** Four new patrol officers in the police department
** One new detective
** One community police unit sergeant
** One parks planner
** One project and programs manager
** One special events coordinator — change from part time to full time
** One applications analyst in IT
** One tree trimming supervisor
** One stormwater utility manager
Those new positions will add $825,000 to the 2025 budget, debt service will add $11.1 million, and the future debt service is budgeted at $3.2 million for the items under construction/Implementation from the 2022 bond referendum plus the public safety items of the construction, equipping and staffing of fire station 36, a warehouse for the police department and the three fire engines on order.
The capital funding plan totals $11.4 million, with $8.6 million for the general fund, $1.4 million for the electric fund, and $1.4 million for the new stormwater utility fund. The town will use $2,070,665 from the appropriated fund balance for the one-time capital items.
The town has purchased the land on Wait Avenue for the new fire station and has selected a design-build firm for the construction of the station and a training center. There are already 13 firefighter trainees at Station #1 on Elm Avenue, and the town anticipates hiring 15 firefighters in the 2025-2026 budget.
Under the budget items for the Wake Forest Town Board, three local institutions are receiving additional money. The largest increase of $150,000 is to the Northern Wake Senior Center because the town will very likely take over the cost of its programming and operations next year or the year after.
The town will also give $25,000 to the Wake Forest College Birthplace, $10,000 to the Wake Forest Boys and Girls Club, $20,000 to the Wake Forest Area Chamber of Commerce, and $1,500 to other.
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Wake County has set its new tax rate at $0.5135. Among the new services or improvements in the budget are the following:
** 10 new ambulances with full staffs of EMTs and paramedics
** 16 new law enforcement officers added to the Wake County Sheriff’s Office patrol unit
** Seven new positions in the county Child Welfare Program
** $3 million more in funding for WakeBrook, the behavioral health crisis facility
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6 Responses
Hi Carol, it looks like you accidentally left off two decimal places here:
“In the blink of an eye the values of all real property — buildings and land — were raised by 51 percent. A house valued at $450,000 went up by $2,295 to $452,295.”
$2295 is only a 0.51% increase. A 51% increase on $450,000 would be $229,500 and the new appraisal value is $679,500. I’m guessing homeowners insurance rates will follow roughly the same percent ?
Sorry. This week I’ve had a pinched nerve in my left arm, shoulder and back and it obviously affected my math.
Check the math!
51 percent. A house valued at $450,000 went up by $2,295 to $452,295?
I’m just here for Matt Reck’s comments.
I have said it before and will say it again. We need an uprising in this country. The government taxes its citizens into the ground. I don’t know how the average American is able to survive. It does not seem to be a concern of any of the politicians.
Gail, the huge jump in real estate values and rents is due to real estate speculators (including many out-of-state investment firms) cashing in on NC’s popularity and growth. Housing and Land have become the “hot” alternatives to stocks, bonds, gold, and bitcoin for Big Finance. Government taxes are not the cause of this.