Wendell News Outlet

Call on the Senate to Pass Transfer Tax

FOR IMMEDIATE RELEASE: July 9, 2007

CONTACT: Karen Rindge, Chair, WakeUP Wake County, 828-3833 or 637-4271

As budget negotiations move forward in the NC General Assembly, WakeUP Wake County calls upon Senate leaders to support enabling all North Carolina counties to have transfer tax authority. "The time has come for new growth-paying-for-growth options," said Karen Rindge, Chair, WakeUP Wake County. "The Senate should act now and support a transfer tax so counties can provide the schools, clean water, parks and transportation that will be needed to meet the needs of our fast-growing population."

"North Carolinians face a choice: either all homeowners' property taxes go up, or a transfer tax could be charged when real estate - commercial and residential - changes hands," said Rindge. Property taxes have long been the main source of funding for schools, but they aren't keeping up with significant increases in new construction costs and rapid growth. The Wake County school system is in a financial crisis due to the addition of 8,000 new students each year.

A 0.4 percent transfer tax, which has been under consideration, could generate about $400 million in 2008 in North Carolina. WakeUP advocates for a 1 percent transfer tax which would generate about $1 billion statewide. WakeUP recognizes that the growth challenges facing Wake, which is the 14th fastest growing county in the nation, are the same as many other North Carolina counties. Six NC counties already have a transfer tax.

Legislation introduced would permit counties to hold public referenda on supporting real estate transfer taxes and impact fees. WakeUP believes voters should decide how growth should be paid for. A recent News&Observer poll indicated 70% of Wake citizens support impact fees and significant public support for transfer tax as a means to pay for growth. The NC Realtors Association and the NC Homebuilders Association have spent over a half million dollars on a distorted ad campaign to prevent allowing voters to have their say. WakeUP believes that the voices of citizens and other local officials should be heard above the clamor of narrow business interests.

WakeUP Wake County
P.O. Box 6484
Raleigh, North Carolina 27628-6484

WakeUP Wake County is a non-partisan, citizens' group supporting well-planned, sustainable growth in Wake County, North Carolina. WakeUP was formed as a non-profit in 2006 by a group of concerned, civic-minded citizens who believe that growth is good, as long as it is planned to ensure a better future for our communities. Wake County is growing rapidly, with a population due to double in 20 years and 27 acres of land developed each day. Because this growth ultimately affects us all, WakeUP wants to ensure a bright future for ourselves and for those who come after us.