NC PROPERTY TAXES
Raleigh NC Property Taxes are assessed in eight year cycles, and the last assessment was done in 2008. This means the next revaluation will not be held until 2016. There are many homes in Raleigh that are outside city limits, and the property owner only pays county taxes. This also means the home is most likely on a well and septic tank vs. city water and city tour.
Here is the tax formula to calculate annual taxes on a specific property value:
- Property value divided by 100, for example, $200,000/100 = $2,000
- If the total tax rate is .9075, you then take $2,000 x .9075 = $1,815.00
These additional fees could also apply:
- Recycling Fees - Charged per living unit on the property. A single-family home would normally have one living unit, whereas a duplex would have two.
- Fire District Tax – A rate charged in addition to County and/or municipal taxes if the property is located in a fire tax district.
- Special District Tax – A rate charged in addition to County and/or municipal taxes if the property is located in a special district designated by legislation. This is normally a downtown area.
- Vehicle Fee – Charged annually for licensed motor vehicles located within a municipality.
Click here to go to the Wake County Tax site and enter a specific property to confirm what the annual property tax would be. Just enter the property address and then click “tax bill” on the navigation bar to get tax info on the property. It is a great tool!