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Fuquay Varina proposes 2¢ property tax increase to fund parks, a fire station and infrastructure
Summary
A town presenter outlined a proposed budget that would raise the property tax rate by 2¢ to fund community center renovations, parks upgrades (including a $4,250,000 Wake County grant match), a fifth fire station, and infrastructure projects; fees and utility rates would also rise.
A town presenter outlined a proposed budget for Fuquay Varina that would raise the property tax rate by 2¢ and increase several fees to pay for parks, public-safety facilities and long-term infrastructure improvements.
The presenter said the 2¢ increase would allow the town to cash-fund four priority capital projects now rather than spreading smaller increases across future years. "This strategic move allows cash funding of those priority projects and a reduction in debt financing, saving the town millions over the next 20 years," the presenter said. Based on the town's average assessed home value, the increase was described as about $7.67 per month for the average homeowner.
Why it matters: the proposal is aimed at trading higher near-term…
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