Fuquay Varina, North Carolina Property Taxes
The median property tax rate in Fuquay Varina, NC is 0.42%, significantly 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 $431,900, the typical annual property tax bill amounts to $1,728, which is well below the national median of $2,690. Property taxes in Fuquay Varina are calculated based on the assessed value, which is often less than the market value due to exemptions like the 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
0.42%
Estimate Property Tax Bill
$1,814
Ownwell’s FUQUAY VARINA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 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 Fuquay Varina, North Carolina
Property taxes in Fuquay Varina, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fuquay Varina is 0.42%, significantly lower than the U.S. national median of 0.99%. Local government entities within Fuquay Varina set these rates annually, and they can vary 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 areas in North Carolina and the national median. For comparison, the zip code 27526 has both the highest and lowest median property tax rate of 0.42%. Understanding how these figures compare with Fuquay Varina provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fuquay Varina Tax Rate
0.42%
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 Fuquay Varina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27526 | 0.40% | 0.41% | 0.42% | 0.42% | 0.42% |
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 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 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. For instance, the median home price in Fuquay Varina is $431,900, with tax bills ranging from $1,606 at the 25th percentile to $3,173 at the 90th percentile. The zip code 27526 has both the highest and lowest median tax bill at $1,728. By understanding 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.
Property Tax Assessment Values Across Fuquay Varina, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Fuquay Varina Assessed Value
$431,900
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 Fuquay Varina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27526 | $368,620 | $392,350 | $431,900 | $637,000 | $760,060 |
Source: Ownwell
Property Tax Bills Across Fuquay Varina, North Carolina
In Fuquay Varina, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor and is intended to reflect the property's market value. Homeowners in Fuquay Varina can expect their tax bills to be influenced by several factors, including the property's assessed value and the local tax rate. For instance, with a median home price of $431,900, homeowners might see tax bills varying widely. The 25th percentile tax bill is around $1,606, while the 75th percentile tax bill is approximately $2,631. At the 90th percentile, tax bills can reach up to $3,173. These figures show a significant range, indicating how property values and local tax rates impact the overall tax burden. Compared to the national median property tax rate of 0.99%, Fuquay Varina's tax bills reflect the local economic conditions and property valuations. Homeowners need to be aware of these factors as they directly affect their annual financial obligations.
Average Fuquay Varina Tax Bill
$1,728
Average Avery County Tax Bill
$540
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 | $1,533 | $1,606 | $1,728 | $2,631 | $3,173 |
Source: Ownwell