Taxes and Incentives
Fuquay-Varina Local Property Tax Rate: $0.395 (2020)
Wake County Property Tax Rate: $0.60 (2020)
Wake County Property Tax Rate: $0.7207 (2019)
*Local property tax rates are calculated against each $100 in value. If you live in a municipality, you will pay both county and municipal property taxes, plus any additional special taxes that apply.
The corporate income tax rate for North Carolina is 2.5%. There is not a local corporate income tax.
The Town of Fuquay-Varina has the capacity to provide economic development incentive assistance for companies seeking to relocate and expand business within the Town’s Corporate Limits. This incentive policy provides consolidated information and guidance with respect to the application for Town incentive assistance.
The Town's Incentive Policy Guidelines & Application has been created to encourage the following types of development within Fuquay-Varina:
Minimum Capital Investment
Use of Funds
Suppliers of BIG4, Advanced Manufacturing, R/D, Warehouse/Distribution, Defense Manufactures
Construction; on/off site infrastructure improvements
Expansion and rehabilitation of existing Fuquay-Varina manufacturing facilities
Construction; utility; infrastructure; acquisition of machinery & equipment
High-end commercial and retail development with significant capital investment and tax base impact
Utilities; road improvements; easements; ROW’s
New building construction located in DC-1/DC-2 that results in a minimum 50% increase in tax assessment
*Grant up to 100% equal to assessed property tax over 5 - 10 year period
Construction; utility; road improvements
Rehabilitation of an existing building/site located in DC-1 & DC-2 that results in a minimum 50% increase in tax assessment
*Grant up to 100% equal to assessed property tax over 5 – 10 period
Demolition; construction; utility; road improvements
* Via statutory development agreements
The consideration and size of any Town grant assistance will be based on a number of factors including the location and size of the site, the amount of capital investment in the project, and the number of new jobs created.
If you would like additional information on the Town's Economic Development Incentive Policy and resources, please contact Jim Seymour at 919-567-3919.