Possible Tax Increase in Cary

Located in Wake County, the town of Cary is one of the best places to live in North Carolina. Its large recreational parks, stadiums, natural areas, business development, and variety of programs and services available to residents of all ages make Cary an undeniably favorable place to grow and raise a family.

Due to all these factors, the city has experienced a rise in real estate prices, which is favorable for some but not for others. Sometimes these positive factors attract many people to live there, but other times, the high housing prices cause them to reconsider.

According to the city’s mayor, in order for the town to maintain its high quality of life, and as a consequence of the current inflation fluctuations, the administration is considering a small property tax increase for the year 2025.

Although property taxes in Cary are currently among the lowest in Wake County, this is expected to change if inflation continues to significantly affect the town. However, despite the proposed increase, taxes remain low compared to previous years.

Recently, the town underwent a property revaluation, resulting in changes to the market value of many properties. Price variation often occurs because of repairs or improvements made to the property, or because the lot or area where it is located has appreciated. Depending on the increase in price or market value of the property, the owner will be required to pay a relative amount according to the current assessment.

The Cary administration has proposed a budget increase of about 4% for the coming year. If approved, the city’s tax rate would be approximately 8 cents higher than the proposed rate. Even so, it will still be one of the lowest tax rates in Wake County. However, homeowners will still see an increase in their property taxes.

Among the oppositions raised to this new administrative proposal is the concern that the money generated from the tax increase will not be allocated to new affordable housing projects. Instead, it will be used to reinforce ongoing construction and projects in the town, to improve security systems and healthcare services.

A positive aspect of the measure is the possibility of allocating part of the funds to various programs aimed at helping displaced residents and families find and retain affordable housing.

On the other hand, citizens are concerned about the impact that this property tax increase could have on their incomes, especially for families with more limited resources.

This increase could also affect those looking to buy a home in Cary or those who need to sign a lease for residential or commercial purposes. With the new valuations, property prices will rise, and so will rental prices.

Available Foreclosures:

Cary: 15 homes available.

Wake County: 50 homes available.

By Elías DaSilva | 22 de octubre de 2024.