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Cary is indeed going to propose a rate of 32.5 cents in next year’s budget. Massive tax increases for most incoming given the increased valuations and a rate decrease of only 2 cents.
Have not seen a proposed rate for the Wake portion yet.
I just wandered around the huge TOC site until I cannot take it anymore. Info overload, but couldn't find the link to the staff recommendation that I believe I saw earlier.
Do you have a link?
Here's the graphic from the March Staff Retreat showing Property Neutral Rate at 24.4:
Mentioned in the mayor's blog yesterday. Interestingly, he says Cary would retain its status as lowest municipal rate in Wake County based on planned rates, which wouldn't be the case if Apex goes with 32.
Quote:
Based on projected municipal tax rates in Wake County, Cary will have the lowest tax rate once again at 32.5 cents. This is followed by Fuquay, Apex, Morrisville, and Holly Springs with tax rates under 35 cents. [...]
The 32.5 cent tax rate will be part of the proposed budget on May 17th.
Our financial model has been based on growth. Growth has subsidized our finances for years. Those days of high growth are over, and our residential permits are declining. Cary will need to decide whether it wants to cut services or pay more to keep Cary as good as it is.
Yep, that's a 10% increase for the Wake County portion. Will the commissioners go along with the county manager's proposal? Commission districts 4, 5, 6, and 8 are on the November ballot.
If this tax proposal goes through linked to the new median value home ($462,000), that owner would pay a rate of $501.50 per $100,000, so their annual tax bill would be about $2359, or 20% higher than it currently is.
So that’ll be a 25% tax increase for me presuming Cary and Wake approve their rates.
Just did the math. Our combined property tax increase would be a smidge higher. Our assessment increase came in lower than the average in Cary......so many in Cary will see a 30% +/- increase. It will be interesting to see what happens.
My point was, the recommendation is that Wake County's overall revenue from property tax intake will go up by 10%. On an individual basis, there are four possibilities:
the homeowner actually sees a reduction because their property did not substantially increase in value
the homeowner sees an increase of less than 10% because their property value went up less than the county average
the homeowner sees a 10% increase because their property value went up by the county average
the homeowner sees more than a 10% increase because their property value went up by more than the county average
About 30% costs on EVERYTHING went up for me this year...just because. I'm told I'm lucky to be able to withstand the demands. I doubt my rock star employer is offering any kind of raise to match it even if I were to rank in the top 10%. If Cary decides to buck the trend on the neutral rate there isnt much I can do but I sure wont be spending any of whats left in any of the businesses here when I can avoid it, especially restaurants. There are so many extra hidden fees, Dookey power riders, convenience fee for shopping in Cary, blah blah blah then HT asking me to round up my expensive grocery bill so they can write off my donation. I feel like my very existence is weaponized against me.
It was nice to think there was some kind of oasis from all the "elsewhere BS", at least for a while but the dreamer must awaken. It almost seems like "industry" is trying to teach their servants a lesson by pressurizing everyone with worry or else.
Squeeze Rabban, squeeze hard.
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