by Donna Martinez
Former Senior Writer and Editor, John Locke Foundation
Every year since 2014, Wake County residents have been burdened by yearly property tax hikes. Now Wake County is proposing yet another tax hike — 2.9 cents per $100 in value.
Wake County’s proposed budget includes a nearly 3 cent tax hike to increase funding to the Wake County public schools and dedicate money toward the county’s affordable housing efforts.
It would add $87 on the tax bill on a $300,000 home under the proposed plan. Wake County residents have seen the property tax rate increase every year since 2014.
The new property tax rate would be 64.4 cents per $100 valuation, or a 2.9 cent increase.