The tax rate proposed inWake County Manager David Cooke's2007-08 budget would be higher than the current rate by 3.6 cents per $100 of assessed value, the amount needed to begin using the $970 million school bond approved last year.
The rate, known as the ad valorem tax, would increase from the current 63.4 cents per $100 to 67 cents if the county Board of Commissioners approves the budget as proposed..
The rate increased to 63.4 cents for Fiscal 2006 from 60.4 cents, whjere it had been for three years.
Due to property revaluation that raises the assessed value of property and thus requires a lower tax rate to achieve a given level of revenue, Cooke's proposed rate for 2008 would be less than the tax rate in effect in Fiscal 1999. Property was revalued for Fiscal 2000 and is scheduled to be revalued in 2008.
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