Pay very close attention to what Wake County just did. The same dance is coming to Mecklenburg County next year and should help inform this year’s county commission race.
Wake recently wrapped up a property revaluation with average values shooting up by 43 percent. Wake County Commissioner Paul Coble tried to pre-empt a large jump in property tax bills with a motion to cut the property tax rate. The commission voted to cut the property tax from 67 to 53 cents per $100 of valuation. Notice that still means bigger tax bills for many Wake County residents.
A $200,000 home at the old rate produces a tax bill of $1340. The same home newly revalued at, say, $280,000 generates a tax bill $144 higher even with the new lower rate.
