WINSTON-SALEM, N.C. — Winston-Salem city property taxes are likely to increase both this year and next to offset increased costs for police officers, fuel and the bus system, and to make up for lower tax revenues from declining home values.
City officials are considering adding 5 cents this summer to the current city tax rate of 47.5 cents per $100 of a home’s value. That increase would add $75 a year to the tax bill of a home valued for taxes at $150,000.
Officials will likely increase taxes next summer by at least an additional 4.75 cents, according to budget documents reviewed by a City Council committee this week.
That would mean the property tax bill for the owner of a $150,000 home would increase by almost $150 over two years.
City Manager Lee Garrity said the city would likely increase taxes and fees, decrease services and increase the amount of work that existing city employees take on to balance the budget.
This article was written by Laura Graff and originally appeared in The Winston-Salem Journal. Click here to read more.