Earlier in May, Wake County Manager David Ellis presented a $2 billion budget proposal for Fiscal Year 2025. This is $200 million more than the previous budget.
The budget calls for a lower tax rate, from 65.7 to 51.05 cents per $100 of valuation. But, with property valuations skyrocketing this year, much may still end up paying more for property tax than in years past.
Tax Rate Breakdown
Back in January, 53% of Wake County residents saw an increase in their property valuation and therefore, their taxes.
Under the proposal, a resident who owns a $462,000 home, roughly the median assessed value in Wake County, will receive a tax bill of $2,358 this year. The effect of the proposed tax rate depends on how each taxpayer's property value changed during the Jan. 1, 2024, revaluation, when the Tax Administration staff updated all the property values in Wake County. As a result, some will see their tax bill increase. Others will pay less.
WATCH | Wake County manager presents $2B budget plan to commissioners
Wake County manager presents $2B budget plan to commissioners
Ellis said the request for more money reflects the "new normal" - with revenues growing moderately but outpaced by growth and demand in Wake County. The population of the county is growing by 51 people each day.
"The cost of doing business has increased, and we have more needs as we work hard to serve our growing population," Ellis said.
School Funding
Nearly half of the proposed $2 billion budget is dedicated to education for the Wake County Public School System, Wake Tech Community College, and Smart Start, an income-eligible preschool.
WCPSS wants the county to fully fund its budget request of a $63 million increase. This includes a four percent raise across the board for educators and a $17.75 per hour minimum raise for non-certified staff.
The proposed budget, as of now, for Wake Schools sits at $49 million -- about $14 million short.
The vote is expected to happen during the commissioners' 5 p.m. board meeting.
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