Cary voters to decide on tax hike for bond projects
Posted April 6, 2012 4:58 p.m. EDT
Cary, N.C. — The Town of Cary hasn't increased its property tax rates since 1989. It'll be up to voters to decide this November whether to raise their rates to cover three bonds totaling $80 million.
The largest bond is $57.6 million for a list of specific transportation projects which includes repaving roads, adding sidewalks and other improvements around Cary Crossroads shopping center and widening Green Level West Road.
The parks and recreation bond proposal is $15.8 million for greenways, a downtown park and sports fields. A third bond, at $6.5 million, would fund a new fire station.
If voters decide to approve all three bonds, Cary's property tax rate will rise from 33 cents per $100 of valuation to 37 cents. Owners of a $250,000 home would pay about $100 more per year. The plan is to phase in the increase over four years – two cents in 2014 and two more in 2016.
A recent survey of Cary voters showed support for a one- or two-cent increase, but not much enthusiasm for anything more. The three bonds will be on the ballot on November.