The Town Council approved a $58.19 million budget for Fiscal Year 2025. The budget was unanimously adopted after a public hearing.
Many residents expected the budget to include a property tax increase for many.
In the approved budget, the tax rate for FY2025 was reduced from $0.39 per $100 of property valuation to $0.35 per $100 of property valuation. The tax rate is 5 cents above the revenue-neutral rate of $0.30 per $100 of property valuation.
Despite that tax rate reduction, many people will still see a higher tax bill. That's because of the increased property valuation that's happened recently across the Triangle.
Morrisville budget could bring property tax increase costing homeowners hundreds more per year
The Town Council said the budget and capital investment program are focused on "Investing in Morrisville" to "deliver improved services and meeting the emerging interests of a growing community."
"The FY2025 budget was collaboratively developed to provide additional support for our existing services, to expand services in critical areas, and to make prudent use of the 2024 property revaluation to make additional investments in our future," said Town Manager Brandon Zuidema. "This budget addresses the resources necessary to support our community's needs and expectations now and in the future. It also continues our commitment to our Connect Morrisville Strategic Plan goals, the vision of the Town Council, and our values of Dedication, Integrity, Courtesy, and Innovation."
Judy Springer was one of the people who feared a property tax increase.
"I feel as though I've worked my whole life, like why can't I at least take care of myself and keep my home?" she said.
She lives in the Village at Town Commons and has for more than 20 years. She would have seen her taxes go up more than $600 a year if the original budget had passed.
Wake County's property reevaluation has meant Judy's home has continued to rise in value. Now it's valued in the $500,000s.
"It's a tough time right now for everyone," she said. "This is just not the time for most of us who have lived here for 22 years."
The lawn sign Judy has in her front yard was part of an effort to make everyone aware of the property tax increase, even if some folks are OK with it.
"We do have to pay for amenities, you're going to have to maintain it, you're going to have to hire people," Jackie Holcomb said. Holcomb is a former mayor of Morrisville and she wants to make sure everyone in town is aware of the town's finances. "How long can you keep adding on to the expenses of the town when there's no more growth? What happens to the people who have been here for generations?"
Capital reserve allocations of $4.76 million, or 8% of the general fund budget, are appropriated for future spending in roadway and transportation improvements, parks and recreation improvements, land acquisition (a new reserve fund), debt to support the Public Works facility project, fire apparatus purchases, and the remaining Municipal Service District project.
The Vehicle Decal Fee was kept at $30 per vehicle per year. The Stormwater Fee remained at $50 per ERU to support stormwater operations and capital infrastructure.
"I'm very proud of how our Council has come together in support of the needs that our community has shared with us," said Mayor TJ Cawley. "The FY2025 budget makes significant strides to provide a strong foundation for preserving and enhancing the quality of life for our residents."
You can view the approved budget here.