When you’re buying a home in Cary, you probably have a checklist a mile long. Between finding the perfect neighborhood, locking in a great mortgage rate, and envisioning how you’ll decorate the living room, property taxes might not be the first thing on your mind. But don’t worry—understanding property taxes doesn’t have to be daunting. Let’s break it down so you’re ready to tackle this part of homeownership like a pro.

What Are Property Taxes, and How Are They Calculated?

Property taxes are a yearly fee you’ll pay based on the value of your home and land. In Cary, property taxes are calculated by multiplying the assessed value of your property by the local tax rate. Sounds simple, right? But here’s the catch: your home’s assessed value may not be the same as its market value. The Wake County tax assessor determines your property’s value, and they typically reassess properties every four years.

For example, if your home is assessed at $400,000 and the combined tax rate (county and municipal) is $1.00 per $100 of assessed value, your annual property taxes would be $4,000. It’s important to know that rates and assessments can vary depending on your specific location within Cary.

What Do Property Taxes Cover?

Ever wondered where your property tax dollars go? In Cary, they help fund a variety of essential services and community benefits. These include:

• Public schools: A significant portion of your taxes supports education in the area, which is one reason Cary is known for its top-notch schools.
• Emergency services: Firefighters, police, and EMS services rely on these funds to keep the community safe.
• Infrastructure and public works: From road maintenance to parks and recreation, property taxes ensure Cary stays beautiful and functional.

When you pay your property taxes, you’re investing in your community. Knowing this can make the annual bill feel a little less painful!

How and When to Pay Property Taxes

In North Carolina, property taxes are due annually. Bills are typically sent out in July, with payments due by January 5 of the following year. Many homeowners include property taxes in their monthly mortgage payments, which means your lender pays them on your behalf. If you’re paying them directly, you can usually do so online, by mail, or in person.

Missing the deadline can result in penalties, so it’s important to stay on top of your payment schedule. If you’re ever unsure, Wake County’s tax office is a great resource for clarification.

Let Nina Gervase Help You Navigate Homeownership in Cary

Property taxes might seem like a small detail, but understanding them is a big step toward being a confident homeowner. If you’re ready to find your dream home in Cary and want expert guidance through every step of the process, Nina Gervase is here to help. Reach out today to make your home-buying journey as smooth as possible!