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Why Doesn't Growth Pay for Itself?
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Wake County Manager David Cooke explained that if we had a higher percentage of commercial growth than residential, growth would pay for itself (based on property taxes). But, that's not the case in Wake County. Our residential growth is a higher percentage than our commercial growth.
Adding residents does increase the tax base, but these residents also require additional services (such as schools), which cost money.
In their joint work session on Wednesday, school board and county commissioners said it took property taxes from two new homeowners to cover the cost of one new student. The board members added that this was the case in the past, and that the ratio may have gone up.
Posted by Kristin Flenniken at 11:03 AM on January 20, 2006 | Leave Feedback
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