The fall ballot for Wake Forest residents will reportedly contain a $25 million bond referendum – a portion for streets and sidewalk improvements and a portion for parks. If passed by voters, the bond could require a property tax hike of nearly two cents, according to town manager Mark Williams.
But, an increase may not be necessary if the town’s revenues increase enough to absorb the costs. Williams said the estimate is based on a conservative projection of the town’s growth.
Commissioner Zachary Donahue asked that town staff determine how big of a bond the town could allow without requiring any potential tax increase.
“I’d be more comfortable if we could disclose our worst case scenario is we don’t even have to raise taxes,” he said.
Williams said that whether or not a tax increase accompanies the bond, the commissioners likely will soon have other tax questions to answer.
“I can guarantee you the fire department is going to come to you and want to raise the fire tax,” he said. The department anticipates building and staffing a new fire station in the next few years.
Stay tuned. Two tax hikes are potentially looming for Wake Forest.
