The property tax is the single largest source of revenue for American local governments. Cities and counties across the nation raise roughly $500 billion per year in property taxes, accounting for 72% of local taxes and 47% of locally raised revenue. Whether residents rent or own, property taxes directly or indirectly impact almost everyone.
In Raleigh and Wake County, however, property taxes are inequitable; low-value properties face higher tax assessments, relative to their actual sale price, than do high-value properties, resulting in regressive taxation that burdens low-income residents disproportionately. In particular, African American homeowners in neighborhoods that have been historically segregated, undervalued, and underinvested, are disproportionately impacted by the skyrocketing property taxes in our county.
In Wake County, the least expensive homes had an effective tax rate that is 1.13x the rate applied to the most expensive homes.
ONE Wake proposes a solution to this issue: the creation of a new property tax relief program to address the displacement of long time, low income homeowners due to rising property taxes in Raleigh and across Wake County. Our proposal is to do this through a new property tax relief program that is similar to programs that have recently been passed in Durham and Mecklenburg. We are specifically interested in targeting homeowners who have owned their homes for at least 10 years, who earn up to 80% of the area median income, and who are currently paying more than 2% of household income on property taxes.
Join us at our public assembly with elected officials on Thursday, October 21, at 6:30 pm to hear: testimony from directly impacted homeowners; our proposed solutions; and public reactions from elected officials about whether they will work with us or not to solve this top pressure in our communities.
Our assembly will have a hybrid in-person / virtual format. The majority of ONE Wake members will be asked to support this action virtually to stay safe from Delta. Please register in advance for our public assembly here.
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