Taxes and Incentives

Fuquay-Varina

Fuquay-Varina Local Property Tax Rate: $0.395 (2020)

Wake County

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.

North Carolina

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:

                                   

 
 
Project Type


 Eligible Applicants

Eligible Projects

Minimum Capital Investment

Town Participation 

Use of Funds


 Recruitment Manufacturing 

Suppliers of BIG4, Advanced Manufacturing, R/D, Warehouse/Distribution, Defense Manufactures


 New Construction


 $5 million


 Up to 5% of Total Project Costs

Construction; on/off site infrastructure improvements


 Expansion Manufacturing 

Expansion and rehabilitation of existing Fuquay-Varina manufacturing facilities


 Expansion


 $3 million


 Up to 5% of Total Project Costs

Construction; utility; infrastructure; acquisition of machinery & equipment


 Infrastructure Investment 

High-end commercial and retail development with significant capital investment and tax base impact 


 New Construction


 Commercial/Retail:

 

$50 million

 

 


 *Up to 5% of Total Project Cost

Utilities; road improvements; easements; ROW’s


Downtown
 In-Fill Development 

New building construction located in DC-1/DC-2 that results in a minimum 50% increase in tax assessment


 New Construction


 $3 million

*Grant up to 100% equal to assessed property tax over 5 - 10 year period

Construction; utility; road improvements


 Downtown Building/Site Rehab 

Rehabilitation of an existing building/site located in DC-1 & DC-2 that results in a minimum 50% increase in tax assessment


 Rehabilitation & Demolition


 $1 million

*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.