Garner, North Carolina Property Taxes
The median property tax rate in Garner, NC is 1.29%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Garner at $214,490, the typical annual property tax bill reaches $2,492, slightly below the national median of $2,690. Property taxes in Garner 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 Garner'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 Garner 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
Garner, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$2,767
$2,568
Ownwell’s Garner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garner 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 Garner, North Carolina
Property taxes in Garner, 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 Garner is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Garner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garner 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 Garner's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27529 zip code has both the highest and lowest median property tax rate of 1.29%. Understanding how these areas compare with Garner 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 Garner Tax Rate
1.29%
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 Garner, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27529 | 0.79% | 0.80% | 1.29% | 1.29% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Garner, North Carolina
In Garner, 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 Garner, 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 Garner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27529, with a tax bill of $2,492.
Average Garner Assessed Value
$214,490
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 Garner, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27529 | $128,788 | $166,323 | $214,490 | $286,717 | $367,074 |
Source: Ownwell
Property Tax Bills Across Garner, North Carolina
In Garner, Wake County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is calculated based on the market value of the property, which is periodically reassessed to reflect current market conditions. For homeowners in Garner, the median home price stands at $214,490. Several factors influence the tax bill, including property size, location, and improvements made to the home. For instance, in Garner, the 25th percentile tax bill is $1,911, while the 75th percentile reaches $3,313, and the 90th percentile goes up to $4,469. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Garner's property tax rates can significantly impact homeowners' annual budgets. The highest and lowest median tax bills in the area are both $2,492, corresponding to the zip code 27529. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Garner Tax Bill
$2,492
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 Garner, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27529 | $1,159 | $1,911 | $2,492 | $3,313 | $4,469 |
Source: Ownwell