Agenda - 09-16-2008 - 6e - Laserfiche WebLink

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➢ Rental Car Tax* 3 County: Revenue over 25 years: Section 3 - Financial Plan (additional )5% (additional) 10% $8.7 m $17.5 m $217.5 m $437.5 m * Revenue for future Triangle Transit fixed- guideway project(a) are based on a 5% car rental tax levied. ➢ Real Estate Property Tax Durham: Orange: Revenue per year: Revenue over 25 years: ➢ Real Estate Transfer Tax Durham: Orange: Revenue per year: Revenue over 25 years: $0.05 / $100 (0.05 %) $0.10 / $100 (0.1 %) $8.7 m $17.3 m $55m $10.9m $14.2 m $28.2 m $355 m $705 m $0.20 / $100 (0.2 %)* $0.40 / $100 (0:4 %) ** $5.1 m $10.2 m $20m $4.1m $7.1 m $14.3 m $177.5 m $357.5 m * The State of North Carolina currently levies a 0.2% tax on any real estate transfer. ** In 2007, the State Legislature authorized an additional 0.4% local option real estate transfer tax. ➢ Vehicle Property Tax $0.05 / $100 (.05 %) $0.10 / $100 (0.1 %) Durham: $0.8 m $1.7 m Orange: $0.4 m $0.9 m Revenue per year: $1.2 m $2.6 m Revenue over 25 years: $30 m $65 m Personal Vehicle property tax must be congruent with Real (Estate) property tax rates per Art. 5 of the NC Constitution ➢ Income Tax 3-4 0.10% 0.25% 0.50% Durham: $3.6 m $7.4 m $14.8 m Orange: $2.6 m $5.2 m $10.4 m Revenue per year: $6.2 m $12.6 m $25.2 m Revenue over 25 years: $155 to $315 m $630 m 3-4