Friday, May 23, 2008

Property Valuations

Remember when the new valuations came out -- who doesn't -- and the dismay of those who saw their valuations double, based on the redevelopment activity in their neighborhood, were told that Wake County and Raleigh would probably drop the tax rate to ease the pain?

Tax bite may get more painful
Across the Triangle, counties and cities are considering property tax increases to make up revenue shortfalls


In Raleigh, City Manager Russell Allen has asked the city council for a 15 percent property tax increase, the largest in more than a decade. The boost would come on the heels of a 15 percent increase in water and sewer rates.

Durham City Manager Patrick Baker wants a nearly 11 percent increase on his municipal tax rate. The city council has already approved a tiered water rate schedule that will boost the average bill by about one-third.

Town Manager Roger Stancil of Chapel Hill also wants an 11 percent hike.

Wake and Durham counties -- both of which are contemplating tax increases -- just completed property revaluations, meaning many homeowners will get walloped with both higher property values and tax increases.

While the news story was saying that the combined Wake and Raleigh increases would cost homeowners $150 per $200,000, the underlying truth is that an ITB modest home probably just went from $300,000 to $600,000. So, according to Fallonia's cracker-jack math education, take your last tax bill, double it, and then add the new rate on top. The rate increase is the least of our worries.

More about this at the links in the Reader Feeder. News & Observer story here.

  • Raleigh City Council: 890-3050 or
  • Wake County Board of Commissioners: (919) 856-6160 or
  • Durham City Council: 560-4396 or 4333 or
  • Orange County Board of Commissioners: 968-4501, 732-8181 or
  • Chapel Hill Town Council: 968-2743 or
  • Carrboro Town Council: 942-8541 or

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