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Comparative Municipal Tax Burdens for Homeowners in Wake County

Comparative Municipal Tax Burdens for Homeowners in Wake County . Typical Property. Morrisville Median Values $250,000 Home Value $30,000 Vehicle Value Assume Two Vehicles Per Household. What is the Taxpayer Burden for Municipal Government in Each Wake County Town/City?. $250,000. $30,000.

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Comparative Municipal Tax Burdens for Homeowners in Wake County

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  1. Comparative Municipal Tax Burdens for Homeowners in Wake County

  2. Typical Property Morrisville Median Values $250,000 Home Value $30,000 Vehicle Value Assume Two Vehicles Per Household
  3. What is the Taxpayer Burden for Municipal Government in Each Wake County Town/City? $250,000 $30,000
  4. $1,225 $157 $240
  5. $1,250 $160 $204
  6. $1,275 $163 No Fee
  7. $1,225 $177 No Fee
  8. $1,050 $146 $192
  9. $1,038 $145 $173
  10. $1,025 $153 $164
  11. $963 $126 $171
  12. $934 $172 $124
  13. $850 $112 $186
  14. $825 $129 $168
  15. $916 $130 No Fee
  16. Yes, 3 – Firefighters 1- Development Services
  17. 10% (+/- based on some specific formula data) This amount is generally built in for each year of the Long Range Financial Model
  18. NO, This is our first year using Health Reimbursement Accounts. There is no experience data to draw on.
  19. Yes, The FY12 amounts shown in the first and second rounds of updating the 5-Year Business Plans and the LRFM include $400,000 for merit pay adjustments and lump sum payments total.
  20. The first and second rounds of the 5-Year Business Plan updates do not include any change of past practice related to maintenance of town maintained roadways. TC will be briefed on the condition status of these roadways and projected costs to speed up the renovation of the older roadways.

  21. 2003 - 2008

    Some observations of how we have changed over the years
  22. Observations When we conducted the bond referenda in 2004 We told the public that the three $4 million bond issues were possible without a tax increase We have sold two of the issues ($8 million) We have cut the tax rate twice 2005 from .47 to .4677 (99.5 % of .47) 2008 from revenue neutral .3692 to .3665 (99.2% of .3692)
  23. Observations Increased staffing: Police Dept: 27 to 36 Fire Dept: 40 to 43 Planning/ Engr Dept: 8 to 13 Public Works Dept: 12 to 20 Workforce 116 to 154
  24. Observations No Debt Purchases Fire Apparatus Police Vehicles Heavy Equipment Other Fleet Real Estate (selected)
  25. Observations Expanded Services ISO Rating Improved from 6 to 3 Police Department Accreditation Increased Residential Recycling Capacity
  26. Observations Improved Bond Rating Standards and Poor’s A+ to AA+ (best is AAA) Moody’s A3 to Aa2 (best is Aaa)
  27. Message We have delivered a lot of service efficiently, made significant improvements, controlled costs, and cut the tax rate. We have continued to find ways to do the important stuff within the funds that the Town Council appropriates. We have maintained a healthy fund balance. We have a good forward looking financial model which shows that sustainability is challenging.
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