Residents in this town would pay more in property taxes under a budget proposal that aims to make up for a revenue shortfall brought on by Wake County’s recent property revaluation.
The proposed $7.4 million spending plan by Rolesville Town Manager Bryan Hicks calls for a 4-cent property tax hike. The town’s current rate is 44 cents per $100 of value. Wake Forest’s rate is higher at 52 cents, and Raleigh’s is lower at about 41 cents.
Homeowners with properties valued at $276,000 – the average in Rolesville – would pay about $55 more, or about $1,269, Hicks said.
In Rolesville, the average property value decreased by 2 percent, according to results from Wake’s reappraisal last year. Across the county, residential property values haven’t changed much since 2008.
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This fiscal year, revenue from property taxes account for about $3.5 million of the town’s $7.4 million budget.
“To remain revenue neutral we had to raise the tax rate to make sure we have the same amount of money coming in,” Hicks said.
Rolesville hasn’t raised taxes since 2011, when it upped the rate by 2 cents, mostly to pay for a new fire department ladder truck, he said.
In the fiscal year that starts July 1, Rolesville plans to hire several new employees, including an economic development officer, a planning technician and a police investigator.
The town would also buy a 15-passenger van for park summer camps, resurface several roads, fund a preliminary design for a town hall campus and cover training sessions for police and staff.
Rolesville has grown tremendously the last several years. It now has more than 6,400 residents, up from 4,000 in 2013.
Since 2013, the town has added eight employees. If an economic development officer and planner are hired, town hall will no longer have any empty offices, Hicks said.
Mayor Frank Eagles said town leaders tried to hold tax rates steady during the economic downturn, even though development slowed.
“We didn’t want to hurt the people, and so we didn’t raise taxes to compensate for the sudden loss in growth,” he said.
Developers are once again busy building homes on the nearly 11,000 acres available for residential development in Rolesville. But the town hasn’t seen much commercial growth.
Eighty-six percent of the town’s revenue from property taxes comes from residential, one of the highest percentages in Wake County.
Roughly 2,000 acres along the recently completed U.S. 401 Bypass is available for commercial development. Eagles said an economic development officer could lure growth.
“We need to have someone to tell them who Rolesville is, and what we have to offer,” he said.
A public hearing on the proposed budget is scheduled for 7 p.m. Monday, June 6, at Rolesville’s town hall.
Chris Cioffi: 919-829-4802, @ReporterCioffi