Estimated Yearly Cost of the 1/2-Cent Transit Tax* by Household |
| Yearly Household Income |
Estimated Extra Sales Tax Paid** |
| $25,000 |
$30 |
| $50,000 |
$60 |
| $61,426*** |
$74 |
| $75,000 |
$94 |
| $100,000 |
$125 |
| $150,000 |
$188 |
| $200,000 |
$240 |
| $250,000 |
$300 |
* The Transit Sales Tax is not collected on food, health care (medicine), mortgage payments/rent, or utilities.
** Estimates of Sales Tax Paid are based on consumer spending survey averages for households.
*** Wake County Median Family Income, 2010 |
Vehicle registration fees would increase by $10 per car, if the Wake County Board of Commissioners approves a new $7 fee for vehicles and the Triangle Transit Board of Trustees approves a $3 increase in existing fees. |
Estimated Yearly Revenues by Source |
| Tax Source |
Estimated Yearly Revenue1 |
| 1/2-Cent Wake County Transit Sales Tax2 |
$53,400,000 |
| $7 Wake County Vehicle Registration Fee for Transit3 |
$5,200,000 |
| $8 Regional Vehicle Registration Fee for Transit (Wake Portion)4 |
$5,900,000 |
| 5-Percent Regional Transit Sales Tax on Rental Vehicles (Wake Portion)5 |
$8,000,000 |
|
1 Estimated Revenues are based on 2011 numbers. Revenues are expected to increase with population and economic growth.
2 This must be approved by Wake County voters in a referendum.
3 This must be authorized by the Wake County Board of Commissioners.
4 $5 of this fee has been inplace for many years. This figure shows the total of the existing fee with the proposed $3 increase; the increase must be authorized by Triangle Transit.
5 This tax is already in place and no rate changes are proposed. | |