Property Valuations and Taxes are Skyrocketing in Southeast Raleigh and Across Wake County
This summer more than 100 Raleigh homeowners in Rochester Heights, East College Park, and other neighborhoods met through ONE Wake and have identified rising property taxes as a major pressure facing their household. These concerns are consistent with what we know through news coverage and quantitative data: long time, low income homeowners are being displaced by rising property taxes in gentrifying neighborhoods, and this pressure disproportionately impacts African American households.
Everyone Should Benefit from Raleigh’s Dramatic Economic Transformation
In April the Raleigh City Council approved a Tax Increment Grant program that will provide up to $5.1 million in annual subsidies for wealthy developers. Developers are not required to provide affordable housing to receive TIG funding. If the City of Raleigh is providing public subsidy to create private wealth for developers, we believe that the city should provide a similar subsidy to help low income homeowners stay in their homes and build their wealth, too.
We ask that the Raleigh City Council Works with ONE Wake and our Community Partners to Develop a Tax Subsidy Program to Address this Issue
ONE Wake leaders, homeowners, and allies a shaping a new property tax subsidy program to fight back against displacement and help keep homeowners in their homes. A similar program, recently passed in Durham, allocates close to $2.5 million to serve an estimated 3,227 extremely low income homeowners.
ONE Wake has also begun conversations with members of the Wake County Board of Commissioners to address this issue countywide.
How You Can Get Involved
ONE Wake is organizing a public action on Thursday, October 21, at 6:30 pm to ask Raleigh City Council members to publicly react to this proposal and work with us to fund a new property tax subsidy program in the next city budget.
Join ONE Wake at our September 14 Internal Assembly to learn more and how your institution can support this action. You can register in advance here.
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