2016-17 Property Tax Rates Are Out

Triangle Counties have announced their budgets and property tax rates for Fiscal Year 2016-17, which will enable you to determine the annual tax bill for your home.

Tax Rates

For example, if your home is in the City of Durham, your 2016 tax rate is 1.3011.  If your home has a tax value of $250,000, your annual tax bill is calculated as follows:

$250,000 ÷ 100 + 2,500 x 1.3011 = $3,258Taxratechart - Copy

Provided below are the composite tax rates for Orange County, Chapel Hill, Carrboro, Hillsborough; Durham County, Durham City, and the areas in Durham that cross into neighboring counties (Chapel Hill, Morrisville & Raleigh); Chatham County; and Wake County, Raleigh, Cary, Apex, Morrisville, and Wake Forest.

Chatham County

The Chatham County Board of Commissioners has passed a $107.5 million budget that raises the county property tax just under 2 percent. This is the first tax increase since fiscal year 2010-11. According to Board Chairman Jim Crawford, “We all came together as a full board to approve a budget that prepares us for the future we know is coming. The budget includes critical funding for school projects on the horizon and a much-needed salary increase for our excellent county employees.

Durham County

The Durham County Board of Commissioners has passed a $587.3 million budget that will include funding for schools and mental health programs. The county’s largest expenditure will be Durham Public Schools, which represents approximately 31 percent of the budget. The school system has requested a $4.39 million increase to its current funding of approximately $123.6 million. The budget will also fund a mental health court and pod for male inmates with mental health issues at the Durham County Jail.

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Orange County

The Orange County Board of Commissioners has passed a $242.3 million budget that includes an operating budget of $215.8 million. Orange County schools will receive $30.8 million and Chapel Hill-Carrboro schools will receive $46.4 million.The operating budget will utilize $12.7 million from Orange County’s fund balance to cover an expected shortfall, and another $2 million from the fund balance will be paid toward solid waste expenses.

Wake County

The Wake County Board of Commissioners has adopted the county’s $1.2 billion operating budget for Fiscal Year 2017, which addresses the increasing demands placed on county services as the population continues to increase, on average, by 64 people a day. A key component of the budget is a 1.35-cent property tax increase above the revenue neutral rate of 58.7 cents, which will generate nearly $18.8 million in new revenue.  The funds generated by the property tax will comprise nearly 70 percent of the county’s revenues for fiscal year 2017. The remaining 30 percent will come from sales tax, fees charged for services, and funds received from state, federal, and local governments. The Fiscal Year 2017 budget represents a $57.1 million increase over the county’s Fiscal Year 2016 budget. The additional funding will allow the county to meet its financial obligations, enhance existing services, improve the quality of life for vulnerable residents, and sustain its commitment to education.
 
 
For further insight and information on property tax rates, contact us anytime at 919-813 6449 or [email protected]. Visit us online at realestateexperts.net.