Corporate landowners could benefit most from North Carolina property tax reform
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Wake County's biggest payers of property tax include drug makers, real estate developers, tech companies and a bank — but none of their land holdings come close to the value of Duke Energy's.
Why it matters: North Carolina lawmakers concerned about housing affordability are considering capping annual property tax increases, though such a policy could disproportionately benefit the state's largest corporate landowners.
The big picture: Property taxes are how we fund our schools, parks and essential services like fire and police protection.
- Wake County has a $2.1 billion budget, about 75% of which is paid for with property taxes.
By the numbers: The 10 biggest payers own thousands of acres and contribute around 2.4% of Wake County's property tax revenue.
- Duke Energy Progress: Much of its assessed value is in the Shearon Harris nuclear power plant and its surrounding acreage. Other big chunks come from its downtown Raleigh tower at 411 Fayetteville St., and dozens of substations and offices spread throughout the region. Total: $2.9 billion ($15.1 million tax bill)
- Fujifilm Diosynth Biotechnologies: The Japanese company opened a vast pharmaceutical manufacturing plant in Holly Springs last year and owns a smaller building in Morrisville. Total: $1.2 billion ($6.1 million tax bill)
- Highwoods Realty: The developer owns office and condo buildings in various stages of construction in downtown Raleigh, Cary, North Hills and the Crabtree area. Total: $904 million ($4.7 million tax bill)
- Seqirus: This Australian vaccine-maker is down the street in Holly Springs from Fujifilm. It makes flu shots there. Total: $736 million ($3.8 million tax bill)
- SAS Institute: SAS is one of the Triangle's largest tech companies and has a sprawling Cary campus with at least 24 buildings. CEO Jim Goodnight has recently toyed with the idea of going public, but the data and analytics company remains privately held. It's the only company on this list to also be among the county's top 10 employers. Total: $703 million ($3.6 million tax bill)
- WMCI Raleigh: This is the local arm of Weinstein Properties, a Virginia developer that owns multiple apartment buildings in Raleigh, Cary, Wake Forest and Morrisville. Most are branded Bexley apartments. Total: $547 million ($2.8 million tax bill)
- First Citizens Bank: The bank's headquarters and operations center are pricy, yes, but its 20-or-so branches around Wake County add up, too. The Fortune 500 company was founded in Johnston County in 1889 and has grown rapidly through acquisitions this decade. $504 million ($2.6 million tax bill)
- Amgen: The California biotechnology giant operates a campus in Holly Springs near Fujifilm and Seqirus. Amgen manufactures drug components at the facility. Total: $496 million ($2.6 million tax bill)
- Cisco Systems: Cisco, also from California, has a major presence in Research Triangle Park with thousands of employees working on a wide suite of tech products. Total: $467 million ($2.4 million tax bill)
- Mid America Apartments: The Tennessee developer MAA owns several apartment communities in Raleigh and Cary. Total: $407 million ($2.1 million tax bill)
The latest: On Monday, Wake County's Board of Commissioners passed a formal resolution pushing back against the General Assembly's proposed reforms.
- "Here in Wake County, we are directly accountable to our residents, and we understand the unique needs and priorities of our growing community better than anyone else," Wake County Board Chair Don Mial said in a press release.
What's next: Stay tuned. We'll dive into the Triangle's other counties this week.