Cary, North Carolina Property Taxes
The median property tax rate in Cary, NC is 1.01%, slightly above the national median of 0.99% and significantly higher than the North Carolina state median of 0.82%. With the median home value in Cary at $375,627, the typical annual property tax bill reaches $3,755, surpassing the national median of $2,690. Property taxes in Cary are calculated based on the tax assessed value, which often 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
1.01%
Estimate Property Tax Bill
$3,794
$3,521
Ownwell’s Cary Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cary is 1.01%, slightly above 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 Wake County and the national median. For comparison, the 27511 zip code has the highest median property tax rate of 1.01%, while the 27518 zip code has the lowest median tax rate of 1.01%. Understanding how these areas compare with Cary provides valuable insights into the varying tax landscape across Wake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cary Tax Rate
1.01%
Average Wake County Tax Rate
1.10%
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 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
| 27513 | 1.00% | 1.01% | 1.01% | 1.01% | 1.01% |
| 27518 | 1.00% | 1.01% | 1.01% | 1.01% | 1.01% |
| 27519 | 1.00% | 1.01% | 1.01% | 1.01% | 1.01% |
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 Wake 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. Notably, the highest median tax bill in Cary is $4,378 in the 27518 zip code, while the lowest is $2,951 in the 27511 zip code.
Average Cary Assessed Value
$375,627
Average Wake County Assessed Value
$302,078
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 | $187,291 | $252,399 | $294,588 | $368,593 | $513,777 |
| 27513 | $211,600 | $273,435 | $347,568 | $443,981 | $610,282 |
| 27518 | $300,898 | $376,586 | $438,043 | $510,888 | $667,493 |
| 27519 | $281,248 | $338,486 | $426,765 | $547,719 | $677,904 |
Source: Ownwell
Property Tax Bills Across Cary, North Carolina
In Cary, property tax bills are calculated based on the assessed value of a home, which is determined by Wake County. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. The local property tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $375,627, the property tax can vary significantly. Homeowners in the 25th percentile might pay around $2,913, while those in the 75th percentile could see bills as high as $4,861. The 90th percentile tax bill reaches up to $6,456, indicating a substantial range based on property values and specific locations within Cary. Factors such as property improvements, neighborhood developments, and changes in market conditions can also influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Cary's rates reflect the region's economic and real estate dynamics, impacting homeowners' financial planning and budgeting.
Average Cary Tax Bill
$3,755
Average Wake County Tax Bill
$3,098
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 | $1,808 | $2,497 | $2,951 | $3,694 | $5,114 |
| 27513 | $2,027 | $2,711 | $3,475 | $4,417 | $6,068 |
| 27518 | $2,771 | $3,732 | $4,378 | $5,108 | $6,644 |
| 27519 | $2,769 | $3,382 | $4,250 | $5,464 | $6,796 |
Source: Ownwell