Revenue Summary
Property Taxes The FY2024-2025 Adopted Budget includes property tax revenue of $ 47.4 million , an increase of $ 11.6 million , or 33 percent , over the FY2023-2024 Amended Budget . This growth is a result of strong , sustained growth in new home construction and new commercial developments which were reflected in the 2024 revaluation cycle . The chart below summarizes the valuation history over the last fifteen years . It ’ s important to note that the Town has seen consistent growth over the last nine fiscal years .
History of Assessed Values |
|
|
Public |
Total |
Percent |
Fiscal Year |
Real |
Service |
Personal |
Value |
Change |
2024- 25 * 8,155,000,000 192,690,273 800,574,713 9,148,264,986 54.7 % 2023 - 24 4,650,000,000 195,000,000 890,000,000 5,735,000,000 5.2 % 2022 - 23 4,396,897,820 194,829,680 856,778,784 5,448,506,284 7.2 % 2021 - 22 4,125,209,494 157,028,293 798,445,313 5,080,683,100 6.9 % 2020 – 21 * 3,979,499,872 149,502,313 623,304,454 4,752,306,639 28.2 % 2019 - 20 3,041,603,671 148,748,820 517,561,706 3,707,914,197 5.0 % 2018 - 19 2,896,345,048 133,018,450 501,357,045 3,530,720,543 4.6 % 2017 - 18 2,777,319,789 132,723,662 465,841,514 3,375,884,965 3.4 % 2016 – 17 * 2,710,296,531 118,064,138 436,166,161 3,264,526,830 2.2 % 2015 - 16 2,665,301,113 114,535,800 415,485,692 3,195,322,605 4.1 % 2014 - 15 2,584,113,562 85,722,393 399,221,556 3,069,057,511 ( 1.1 %) 2013 - 14 2,545,063,692 84,992,903 473,055,267 3,103,111,862 3.0 % 2012 - 13 2,525,516,066 84,276,805 402,724,696 3,012,517,567 0.3 % 2011 - 12 2,516,107,912 73,569,802 415,286,643 3,004,964,357 0.8 % 2010 - 11 2,463,484,759 75,237,723 442,580,871 2,981,303,353 0.3 %
* Beginning in FY 2017 , Wake County began performing a revaluation on real property every four years . Prior to that , a revaluation was performed every eight years . The most recent revaluation occurred in FY24 .
The FY2024-2025 adopted property tax rate of 52 cents per $ 100 of assessed valuation , is eight-and-one-half cents above the revenue neutral rate of 43.5 based on 2024 revaluation in Wake County .
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