Wake County residents will find out Monday night how much their property tax bills could increase and how much the county plans to allocate toward public schools.
On Monday evening, Wake County Manager David Ellis is expected to present his recommended budget for fiscal year 2025 to the Wake County Board of Commissioners. The fiscal year runs from July 1, 2024, through June 30, 2025.
Wake County Board of Commissioners’ schedule to vote on the budget
County commissioners are set to hold a budget work session at 2 p.m. Monday, May 13, at the Wake County Justice Center in room 2800 at 300 S. Salisbury St. in Raleigh.
At 2 p.m. Monday, May 20, the county commission is scheduled to have its budget public hearing at the justice center in room 2700.
There is another public hearing at 7 p.m. Tuesday, May 21, in the Commons Building at 4011 Carya Drive in Raleigh.
County commissioners are expected to adopt the budget at their meeting at 5 p.m. Monday, June 3, at the justice center in room 2700.
How Wake County property taxes work
Wake County is committed to keeping residential property taxes revenue-neutral. That means most homeowners will pay a lower percentage of their property value in taxes but, since property values are up about 52.5% compared to four years ago, the amount that property owners pay will probably go up.
After a January 2024 revaluation, the average Wake County single-family home was worth $526,968. Four years ago, the average value for a single-family home in Wake County was $345,444.
If the proposed revenue-neutral tax rate of $0.4643 per $100 of value is adopted by county commissioners later this year, homeowners in Apex, Cary, Fuquay-Varina, Garner, Morrisville and Wendell would see higher property tax bills.
Homeowners in Holly Springs will likely see their property taxes stay flat whereas homeowners in Knightdale, Raleigh, Rolesville, Wake Forest, Zebulon and unincorporated areas could see a decrease.
Property owners will need to compare the percentage change of their property value to the average percentage change for Wake County overall, It was about 53% for residential properties, 43% for commercial properties and 51% overall.
If county leaders adopt a revenue-neutral tax rate, there are three possibilities for how the new property values impact taxes:
- If your individual property’s value change was lower than the overall average change for property in Wake County: your taxes will likely go down.
- If your individual property’s value change was about the same as the overall average change for the county: your taxes will likely stay the same.
- If your individual property’s value change was higher than the overall average change in the county: your taxes will likely go up.
Property value percentage change by municipality:
- Wake County overall
- Residential change: 53%
- Commercial change: 43%
- Overall change: 51%
- Apex
- Residential change: 57%
- Commercial change: 53%
- Overall change: 56%
- Cary
- Residential change: 56%
- Commercial change: 39%
- Overall change: 51%
- Fuquay-Varina
- Residential change: 54%
- Commercial change: 52%
- Overall change: 54%
- Garner
- Residential change: 54%
- Commercial change: 59%
- Overall change: 56%
- Holly Springs
- Residential change: 53%
- Commercial change: 80%
- Overall change: 58%
- Knightdale
- Residential change: 51%
- Commercial change: 67%
- Overall change: 57%
- Morrisville
- Residential change: 55%
- Commercial change: 37%
- Overall change: 45%
- Raleigh
- Residential change: 52%
- Commercial change: 43%
- Overall change: 48%
- Rolesville
- Residential change: 51%
- Commercial change: 52%
- Overall change: 51%
- Wake Forest
- Residential change: 51%
- Commercial change: 50%
- Overall change: 51%
- Wendell
- Residential change: 63%
- Commercial change: 75%
- Overall change: 65%
- Zebulon
- Residential change: 48%
- Commercial change: 50%
- Overall change: 49%
- Unincorporated
- Residential change: 52%
- Commercial change: 41%
- Overall change: 51%
Wake County school board must figure out how to pay staff as federal funds end
Wake County Public School System Superintendent Robert Taylor is recommending a $58.3 million budget increase from the county, but he’s divided his proposal into “must-do” items and “optional items.”
The school system’s budget, excluding building costs, is about $2.2 billion. Most of that — about $1.2 billion — comes from the state, but $644.3 million comes from the county. Taylor’s request would bump the county’s contribution up to $702.6 million.
Taylor’s proposed budget increase of $58.3 million is higher than the county commissioners have approved in at least 17 years.
School systems across North Carolina and the nation are deciding what to do now that the billions of dollars in one-time federal assistance are drying up. Much of the funding went toward things such as one-time bonuses or one-time equipment purchases.
However, much of it also went to temporary employees and programs intended to boost learning and student support as test scores plummeted.
Now, school systems believe at least some of those employees and programs have been beneficial and should stay.