Cary, North Carolina Property Taxes
The median property tax rate in Cary, NC is 1.03%, slightly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Cary at $452,535, the typical annual property tax bill reaches $4,499, significantly exceeding the national median of $2,690. Property taxes in Cary are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the 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
1.03%
Estimate Property Tax Bill
$4,661
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 in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Cary is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Cary set these rates annually, and they can vary significantly 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. The data below compares Cary's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27519 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Cary provides valuable insights into the varying tax landscape across Chatham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cary Tax Rate
1.03%
Average Chatham County Tax Rate
0.85%
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 |
|---|---|---|---|---|---|
| 27519 | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
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 Chatham 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. 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. The highest median tax bill in Cary is $4,499 in zip code 27519, which contrasts with the national median property tax rate of 0.99%.
Average Cary Assessed Value
$452,535
Average Chatham County Assessed Value
$323,510
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 |
|---|---|---|---|---|---|
| 27519 | $316,922 | $365,124 | $452,535 | $530,725 | $656,120 |
Source: Ownwell
Property Tax Bills Across Cary, North Carolina
In Cary, located in Chatham County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For example, the median home price in Cary is $452,535, and property tax bills can vary significantly within the city. Homeowners in the 25th percentile pay approximately $3,578 annually, while those in the 75th percentile face bills around $5,382. At the 90th percentile, tax bills can reach up to $6,610. Interestingly, the highest and lowest median tax bills in Cary are both recorded at $4,499 in the 27519 ZIP code. Comparatively, the national median property tax rate is 0.99%, highlighting the variability and impact of local tax rates on homeowners. Consequently, understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions or appeals to manage their property tax obligations.
Average Cary Tax Bill
$4,499
Average Chatham County Tax Bill
$2,675
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 |
|---|---|---|---|---|---|
| 27519 | $2,997 | $3,578 | $4,499 | $5,382 | $6,610 |
Source: Ownwell