Fuquay Varina, North Carolina Property Taxes
The median property tax rate in Fuquay Varina, NC is 0.70%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Fuquay Varina at $281,974, the typical annual property tax bill is $1,931, significantly below the national median of $2,690. Property taxes in Fuquay Varina are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fuquay Varina's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fuquay Varina or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fuquay Varina, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,974
Ownwell’s Fuquay Varina Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fuquay Varina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fuquay Varina to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, you can scroll down to find more localized information. Your property’s assessed value is the value assigned by Harnett County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fuquay Varina, North Carolina
Property taxes in Fuquay Varina, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fuquay Varina is 0.70%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Fuquay Varina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fuquay Varina estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fuquay Varina's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27526 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Fuquay Varina provides valuable insights into the varying tax landscape across Harnett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fuquay Varina Tax Rate
0.70%
Average Harnett County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fuquay Varina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27526 | 0.67% | 0.69% | 0.70% | 0.71% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Fuquay Varina, North Carolina
In Fuquay Varina, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Harnett County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fuquay Varina, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fuquay Varina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1931, found in the 27526 zip code.
Property Tax Assessment Values Across Fuquay Varina, North Carolina
Source: Ownwell
$124,172
$203,073
$281,974
Average Fuquay Varina Assessed Value
$281,974
Average Harnett County Assessed Value
$199,846
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fuquay Varina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27526 | $129,804 | $213,573 | $281,974 | $356,192 | $444,016 |
Source: Ownwell
Property Tax Bills Across Fuquay Varina, North Carolina
In Fuquay Varina, located in Harnett County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $281,974. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Factors such as property location, home size, and market conditions can influence the assessed value. Homeowners in Fuquay Varina face varying tax bills, with the 25th percentile at $1,446 and the 75th percentile at $2,510, while the 90th percentile reaches $3,235. The median tax bill in the area is $1,931, which is below the national median property tax rate of 0.99%. These property taxes contribute to local services and infrastructure, impacting homeowners by influencing their annual expenses. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Fuquay Varina Tax Bill
$1,931
Average Harnett County Tax Bill
$1,570
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Fuquay Varina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27526 | $835 | $1,446 | $1,931 | $2,510 | $3,235 |
Source: Ownwell