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Cary staff report sales-tax gains but warn of property-tax appeals and charitable-exemption losses
Summary
Staff said FY26 sales-tax receipts are running about 5.6% ahead of last year but warned Wake County has several property-value appeals (4 residential, 56 commercial) under review and that six local multifamily properties were granted charitable-housing exemptions, reducing taxable value and costing the town an estimated $270,000 in revenue.
At the April 28 work session, Cary Town staff presented a financial update showing sales-tax distributions tracking ahead of the prior year and flagged elevated property-value appeals and recently granted charitable-housing exemptions as potential near-term risks to property-tax revenue.
A staff slide reviewer (Speaker 10) said the town budgeted $59,000,000 in sales tax for fiscal year 2026 and that distributions through January sales were about 5.6% higher than the comparable period last year; staff described sales-tax forecasting as variable and said the League of Municipalities projects a roughly 3% statewide increase next year, noting Cary has tended to track above that projection.
On property taxes, staff reported collections through March and…
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