Property Valuations and Taxes are Skyrocketing in Southeast Raleigh
The increase in property taxes from the 2020 reappraisals disproportionately impacts neighborhoods where African American families were historically segregated. On average, property valuations increased by 20% countywide in 2020. However, east of downtown in neighborhoods like College Park, land valuations have increased by 360%.
Broadly, homeowners and tenants in the historically African American neighborhoods of Southeast Raleigh that have been underserved by the city for decades are now being displaced by the impacts of massive luxury developments like the recently approved Downtown South.
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
A similar program, recently passed in Durham, allocates close to $2.5 million to serve an estimated 3,227 extremely low income homeowners.
How You Can Get Involved
1) Join ONE Wake’s 10,000 Strong Campaign to show your support for a property tax subsidy program in Raleigh: www.onewake.org/10000strong
2) Invite members of your congregation, neighbors, friends, and family to join you. Contact us at [email protected] to learn how.
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