Growing N.C. cities concerned about property tax increases.

North Carolina Population Growth Driving Property Tax Increases

North Carolina is on track to become the seventh most populated state by 2030, with an estimated 11.7 million residents, according to the North Carolina Office of State Budget and Management. This growth is impacting property values and taxes across the state.

Impact on Property Taxes in Key Areas

Cities like Charlotte, Wilmington, Raleigh, Cary, and Durham have already approved or proposed property tax increases for the upcoming fiscal year. Both the City of Durham and Durham County have approved a combined 8.5-cent increase, bringing the new property tax rate for Durham residents to $1.39 for every $100 of assessed property value.

Concerns of Local Residents and Business Owners

Local homeowners and business owners, like Durham native Larry Hester, are expressing concerns about the affordability of properties in the city. Hester, who owns a shopping plaza in Durham, worries about the impact of tax increases on his tenants and the overall cost of living in the area.

Looking Towards the Future

With a property reappraisal scheduled for next year, there is speculation that property taxes could increase even further. The City of Durham has stated that the property tax rate increase is necessary to provide fair compensation to city employees. Residents can use an online property tax bill calculator provided by the city to estimate their new tax bills based on the updated rates.

Summary

As North Carolina’s population continues to grow, property values and taxes are also on the rise in key areas like Durham. The recent property tax increases approved by both the city and county are raising concerns among residents and business owners about affordability and the future of the community. With a property reappraisal on the horizon, there is uncertainty about how much more property taxes could increase in the coming years.

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