diff --git a/includes/class-wc-tax.php b/includes/class-wc-tax.php
index c963b081dd3..b907eb2bc50 100644
--- a/includes/class-wc-tax.php
+++ b/includes/class-wc-tax.php
@@ -237,79 +237,90 @@ class WC_Tax {
 			$valid_postcodes[] = $wildcard_postcode . '*';
 		}
 
-		// Run the query
-		$found_rates = $wpdb->get_results( $wpdb->prepare( "
-			SELECT * FROM (
-				SELECT tax_rates.* FROM
-					{$wpdb->prefix}woocommerce_tax_rates as tax_rates
-				LEFT OUTER JOIN
-					{$wpdb->prefix}woocommerce_tax_rate_locations as locations ON tax_rates.tax_rate_id = locations.tax_rate_id
-				LEFT OUTER JOIN
-					{$wpdb->prefix}woocommerce_tax_rate_locations as locations2 ON tax_rates.tax_rate_id = locations2.tax_rate_id
-				WHERE
-					tax_rate_country IN ( %s, '' )
-					AND tax_rate_state IN ( %s, '' )
-					AND tax_rate_class = %s
-					AND
-					(
+		// Build transient key and try to retrieve them from cache
+		$rates_transient_key = 'wc_tax_rates_' . md5( sprintf( '%s+%s+%s+%s+%s', $country, $state, $city, implode( ',', $valid_postcodes), $tax_class ) );
+		$matched_tax_rates = get_transient( $rates_transient_key );
+
+		if ( false === $matched_tax_rates ) {
+
+			// Run the query
+			$found_rates = $wpdb->get_results( $wpdb->prepare( "
+				SELECT * FROM (
+					SELECT tax_rates.* FROM
+						{$wpdb->prefix}woocommerce_tax_rates as tax_rates
+					LEFT OUTER JOIN
+						{$wpdb->prefix}woocommerce_tax_rate_locations as locations ON tax_rates.tax_rate_id = locations.tax_rate_id
+					LEFT OUTER JOIN
+						{$wpdb->prefix}woocommerce_tax_rate_locations as locations2 ON tax_rates.tax_rate_id = locations2.tax_rate_id
+					WHERE
+						tax_rate_country IN ( %s, '' )
+						AND tax_rate_state IN ( %s, '' )
+						AND tax_rate_class = %s
+						AND
 						(
-							locations.location_type IS NULL
-						)
-						OR
-						(
-							locations.location_type = 'postcode'
-							AND locations.location_code IN ('" . implode( "','", $valid_postcodes ) . "')
-							AND locations2.location_type = 'city'
-							AND locations2.location_code = %s
-						)
-						OR
-						(
-							locations.location_type = 'postcode'
-							AND locations.location_code IN ('" . implode( "','", $valid_postcodes ) . "')
-							AND 0 = (
-								SELECT COUNT(*) FROM {$wpdb->prefix}woocommerce_tax_rate_locations as sublocations
-								WHERE sublocations.location_type = 'city'
-								AND sublocations.tax_rate_id = tax_rates.tax_rate_id
+							(
+								locations.location_type IS NULL
+							)
+							OR
+							(
+								locations.location_type = 'postcode'
+								AND locations.location_code IN ('" . implode( "','", $valid_postcodes ) . "')
+								AND locations2.location_type = 'city'
+								AND locations2.location_code = %s
+							)
+							OR
+							(
+								locations.location_type = 'postcode'
+								AND locations.location_code IN ('" . implode( "','", $valid_postcodes ) . "')
+								AND 0 = (
+									SELECT COUNT(*) FROM {$wpdb->prefix}woocommerce_tax_rate_locations as sublocations
+									WHERE sublocations.location_type = 'city'
+									AND sublocations.tax_rate_id = tax_rates.tax_rate_id
+								)
+							)
+							OR
+							(
+								locations.location_type = 'city'
+								AND locations.location_code = %s
+								AND 0 = (
+									SELECT COUNT(*) FROM {$wpdb->prefix}woocommerce_tax_rate_locations as sublocations
+									WHERE sublocations.location_type = 'postcode'
+									AND sublocations.tax_rate_id = tax_rates.tax_rate_id
+								)
 							)
 						)
-						OR
-						(
-							locations.location_type = 'city'
-							AND locations.location_code = %s
-							AND 0 = (
-								SELECT COUNT(*) FROM {$wpdb->prefix}woocommerce_tax_rate_locations as sublocations
-								WHERE sublocations.location_type = 'postcode'
-								AND sublocations.tax_rate_id = tax_rates.tax_rate_id
-							)
-						)
-					)
+					GROUP BY
+						tax_rate_id
+					ORDER BY
+						tax_rate_priority, tax_rate_order
+				) as ordered_taxes
 				GROUP BY
-					tax_rate_id
-				ORDER BY
-					tax_rate_priority, tax_rate_order
-			) as ordered_taxes
-			GROUP BY
-				tax_rate_priority
-			",
-			strtoupper( $country ),
-			strtoupper( $state ),
-			sanitize_title( $tax_class ),
-			strtoupper( $city ),
-			strtoupper( $city )
-		) );
+					tax_rate_priority
+				",
+				strtoupper( $country ),
+				strtoupper( $state ),
+				sanitize_title( $tax_class ),
+				strtoupper( $city ),
+				strtoupper( $city )
+			) );
 
-		// Put results into array
-		$matched_tax_rates = array();
+			// Put results into array
+			$matched_tax_rates = array();
 
-		foreach ( $found_rates as $found_rate )
-			$matched_tax_rates[ $found_rate->tax_rate_id ] = array(
-				'rate'     => $found_rate->tax_rate,
-				'label'    => $found_rate->tax_rate_name,
-				'shipping' => $found_rate->tax_rate_shipping ? 'yes' : 'no',
-				'compound' => $found_rate->tax_rate_compound ? 'yes' : 'no'
-			);
+			foreach ( $found_rates as $found_rate )
+				$matched_tax_rates[ $found_rate->tax_rate_id ] = array(
+					'rate'     => $found_rate->tax_rate,
+					'label'    => $found_rate->tax_rate_name,
+					'shipping' => $found_rate->tax_rate_shipping ? 'yes' : 'no',
+					'compound' => $found_rate->tax_rate_compound ? 'yes' : 'no'
+				);
 
-		return apply_filters( 'woocommerce_matched_tax_rates', $matched_tax_rates, $country, $state, $postcode, $city, $tax_class );
+			$matched_tax_rates = apply_filters( 'woocommerce_matched_tax_rates', $matched_tax_rates, $country, $state, $postcode, $city, $tax_class );
+
+			set_transient( $rates_transient_key, $matched_tax_rates, DAY_IN_SECONDS );
+		}
+
+		return $matched_tax_rates;
 	}
 
 	/**