Wake County property tax to increase 10 percent to provide $500M to school system

WAKE COUNTY, N.C. (WTVD) -- On Monday night, County Commission approved a double-digit tax increase for Wake County taxpayers.

The commission voted 6-1, with only Sig Hutchinson dissenting, to adopt a $1.47 billion budget for the 2020 fiscal year--which runs from July 1, 2019, to June 30, 2020

The budget includes a 10% property tax increase, bringing the rate to 72.07 cents for every $100 of property value. That means the owner of a $300,000 home will now pay an additional $200 per year in property taxes.

County leaders said 82% of the tax increase will fund education--including three measures approved by voters in the November 2018 election.

The new budget provides $515.9 million in operating funds for the Wake County Public School System. That marks a $45 million increase from the previous fiscal year and $8.5 million more than County Manager David Ellis recommending in his proposed budget.

The 2020 fiscal year budget will mark the first time Wake County has given more than $500 million to WCPSS.

County leaders approving the budget said it "major investments in education, public health and safety and quality of life."

Hutchingson told ABC11's newsgathering partners at the News & Observer that he voted against the proposed bill because it was too much of an increase too quickly