Cary, North Carolina Property Taxes
The median property tax rate in Cary, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $222,500 in Cary, the typical annual property tax bill is around $690, well below the national median of $2,690. Property taxes in Cary are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Cary's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Cary 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
Cary, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$890
$826
Ownwell’s Cary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cary to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Cary, North Carolina
Property taxes in Cary, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cary is 0.40%, significantly lower than the U.S. national median of 0.99%. Local government entities within Cary set these rates annually, and they can vary across different neighborhoods. Each year, Cary 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. For comparison, the zip code 27519 in Cary has both the highest and lowest median property tax rate of 0.40%. Understanding how these rates compare with national figures provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to other areas.
Average Cary Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27511 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27513 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27518 | N/A | N/A | N/A | N/A | N/A |
| 27519 | 0.24% | 0.34% | 0.40% | 0.41% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Cary, North Carolina
In Cary, 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 Avery 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 Cary, 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. For example, the zip code 27511 has the highest median tax bill at $2,395, while the zip code 27513 has the lowest at $500. 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 Cary helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cary Assessed Value
$222,500
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27511 | $319,760 | $424,400 | $598,800 | $773,200 | $877,840 |
| 27513 | $125,000 | $125,000 | $125,000 | $125,000 | $125,000 |
| 27518 | N/A | N/A | N/A | N/A | N/A |
| 27519 | $62,070 | $147,525 | $277,400 | $390,575 | $445,970 |
Source: Ownwell
Property Tax Bills Across Cary, North Carolina
In Cary, NC, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. For instance, with a median home price of $222,500, the tax bill can vary significantly. Factors such as location, property size, and improvements can influence the assessed value, leading to variations in tax bills within the city. Homeowners in Cary may see tax bills as low as $380 at the 25th percentile, while those at the 75th percentile can expect around $1,262, and at the 90th percentile, it can reach up to $2,570. These property taxes are essential for funding local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Cary's tax rates reflect the city's economic landscape and public service needs. Homeowners must consider these taxes as part of their overall housing costs, impacting affordability and long-term financial planning.
Average Cary Tax Bill
$690
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27511 | $1,279 | $1,698 | $2,395 | $3,093 | $3,511 |
| 27513 | $500 | $500 | $500 | $500 | $500 |
| 27518 | N/A | N/A | N/A | N/A | N/A |
| 27519 | $194 | $455 | $690 | $1,097 | $1,667 |
Source: Ownwell