Cary has the nicest parks in the area, the highest average income and more advanced degrees than other municipalities in the county, so it only makes sense it would have the highest property tax rate in Wake county, Right? Well it’s false, Cary does not have the highest property tax rate in wake county, in fact, The Town of Cary has the LOWEST tax rate in Wake County!
I’ve overheard people comment “I can’t afford the property taxes in Cary”. I think people look at all the great amenities that Cary provides and assume the taxes would be proportionality higher. While it is true that homes in Cary are more expensive on average than many other parts of Wake County, the reality is a $300,000 tax valued home in Cary will cost you LESS in property taxes than any other town or city in Wake County!
So what is the tax rate and how is it calculated?
If you live in the Town of Cary then your annual property tax bill has
2 parts – the tax from wake county (which is currently a rate of .534 cents per $100 of tax value) and the Town of Cary tax rate of .33 cents per $100 of tax value. A home in Cary with a tax value of $300,000 would have an annual property tax bill of $2,592.
$300,000 divided by 100 = 3,000.
3,000 x 0.864 (combined county rate of .534 and Cary’s rate of 0.33) = $2,592
The county establishes the property’s tax value and must re-evaluate every 8 years. The last re-evaluation was January 2008. The Wake County website has great additional information on property taxes.
Curious how Cary compares to the other areas of Wake County?
This information current for the 2009 tax year and is subject to change year to year.