As a consequence of the same “buy now, pay later” policy that has driven Cary’s debt service rapidly upwards in recent years, Raleigh’s City Council is poised to increase its property taxes by a whopping 8%, despite stagflation, nation-leading unemployment and an economic climate comparable to the Great Depression.
In an effort to soft-peddle the tax increase, Raleigh City Manager Russell Allen last week proposed adding a penny to tax bills in 2011, 2013 and 2015, as reported by the Raleigh News & Observer. The increase is of course not three pennies, but a three cent addition to the City’s current rate of 37.5 cents per $100 assessed property value. The actual increase would thus be 8%. As reported below (11/25/09) Cary’s Town Manager Ben Shivar, by comparison, has suggested increases in Cary’s property tax rate of up to 11 cents, or 33%, will be necessary in order to keep the Town’s debt service below a soft limit of 15% in the coming several years. Instead of increases taxes and fees, however, the Cary Watchmen are proposing numerous cost-cutting measures that would reduce our debt service, reduce taxes and fees, without making major cuts to the Town’s staff, services and facilities.
