Breaking down Wake County's proposed 10 percent property-tax hike

WAKE COUNTY, N.C. (WTVD) -- ABC11 is breaking down the numbers of the potential property tax hike for Wake County homeowners.

The County is proposing a nearly 10 percent increase from last year, making the new tax rate 7.8 cents for every $100 of assessed property value.

This year, it would go up 9.7 percent. More than half of the new tax rate was already approved by voters in bond referendums.

That means if you own a house that's worth $300,000, which is roughly the average home value in Wake County, you would pay an additional $16 per month or $192 more a year in property taxes.

"Ten percent is a lot when you have to pay taxes on a house that you own," said Raleigh resident Ashley Messina. "Me, as a homeowner, I want to know justification for raising it that much."

The money would cover increases in funding for Wake County schools as well as other county priorities.

County Manager David Ellis said they're trying to make significant allocations this year to the Wake County School System.

The proposed tax hike is high, but it is not the steepest one Wake County has seen in the past few decades.

ABC11 looked at the numbers for the past 40 years. The largest tax hike on record was in 1988 when residents were hit with a 22 percent increase.

Residents are invited to share their thoughts on the proposed budget at two public hearings on May 20.

The first one is at 2 p.m. at the Board of Commissioners meeting at the Wake County Justice Center. The second will be held at 7 p.m. at the Wake County Commons Building.

The board is expected to vote on the budget June 3.