Raleigh's 1st Guide to Real Estate & Developments | By Thomas Kenna
What a time to live in Cary! Lowest property taxes in the Triangle!
Friday, June 27, 2014
Last night, the Cary Town Council approved a $260 million budget for 2015 all while NOT increasing property taxes for Cary residents. The budget adds $51 million to fund new capital projects as well as $200 million to support existing operations. The kicker is that Cary is STILL maintaining the lowest property taxes in Wake County.
This is the type of government leadership you like to see, and look how effective it can be at the local and town level! (to view budget click here)
A few takeaways for your Compass:
The budget will provide funding for the Morrisville Parkway extension, a renovation and expansion of the state of the art Cary Tennis Park as well as increasing public transportation access with extended C-Tran hours (Cary’s free bus program). Cary also will have enough money to resufarce 25 miles of town streets.
For landlords and tenants,there is a small kicker:
If you are looking to change your space and add some structure modifications expect a increase in price. Building permit fees will increase by5% under the new budget and water/sewer rates will go up to 3.5%. If you are a current tenant, expect these fees to be passed on to your lease rate in the future, as landlords compensate their now rising operating expenses with higher rental rates.
If you are looking for space and want to change the layout in an exisitng suite, bet that the 5% permit fee will be passed onto your lease, its up to your agent though (if you have one, and you better have one) to help negiotiate that down!