Each year, the City of Durham publishes a Citizens' Financial Report, akin to an annual report for a company or non-profit. The report highlights some of the accolades and successes from the year and outlines the city's financial health.
In this second part, we will provide an overview of the Financial Report related to budget revenues (taxes).
The Durham Property Tax Rate stands at 56.75c per $100 assessed value. This compares to the Raleigh city property tax rate of 38.26c and the Chapel Hill city rate of 52.4c. Note, these. values reflect city rates alone and do not include taxes for special school districts or county taxes. Of the 56.75 cents, the Durham property tax is split 37.37 cents to the General Fund, 14.51 cents to Debt Financing, 3.87 cents to Transit subsidies, and 1 cent to the special Affordable Housing Fund.
Fifty-five percent of the General Fund revenue comes from property taxes. The remainder originates from sales tax (20% - $34.5 million), Intergovernmental transfers (14.9% - $25.6 million), Licenses and Permits (4.4% - $7.6 million), Charges for Services (4.1% - $7.1 million) and Other (1.2% - $2.1 million).
Water and Sewer Services
Services charges were expected to increase by approximately 2.5% for the average customer in FY 2013-2014. These funds are being used to repair and rehabilitate Durham's aging water infrastructure.