Wake Village City Council members agreed Monday to keep the same property tax rate they had for the last seven years to support the municipal government's upcoming calendar year 2018 budget.
After holding two public hearings late last month, council members agreed to keep the city's current property tax rate, which stands at just under 36 cents per $100 valuation on real property. This rate is projected to help cover anticipated municipal operating and maintenance expenses for all of next year, starting Jan. 1.
The current tax rate, initially implemented by the council in 2010, represented a one-cent drop from the tax rate the city had in the 17 years prior to 2010. From 1993 to 2010, the city's property tax rate stood at just under 37 cents per $100 valuation.