How can I estimate the property taxes in Raleigh, NC?

6 Replies

I'm looking at listings in the Raleigh, NC area.

I'll look at a listing and then I'll go to try to figure out the expenses.

I'm trying to understand how to work out the taxes.

Some listings on Realtor.com just tell you what the tax is, which is fine.

But some say no tax info available.

So then I looked at this official page here. Ok for Raleigh the property tax is 0.4038%.

But then I look at an actual listing like this one, and it appears that in 2015 they paid $2,285 on an assessed value of $218,716, or about 1.04%.

Why is that different from the official tax rate, and how can I estimate what taxes I'd expect to pay when I look at a listing?

Also are property taxes different if the property is your residence vs a rental/investment? Or does everyone pay the same rate regardless?

For Wake County the tax rate (2015) is 0.6145% times the assessed value. For a $100K property, that's $614.50. If you are in Raleigh, add in an additional 0.4210% times the assessed value. In Cary, it's 0.37%. There are a few other incidentals depending on your district, etc.

For simplicity, the rule of thumb is 1% of assessed value for your taxes in the Wake county area... 0.6% obviously if you are not in city limits.

Ethan, 

Use the 1% rule that was recommended in this post. If you are in L.A. (my home town), you probably don't know that taxes are re-assessed in NC every 8 years and 2016 is the next re-assessment year. So, you may be buying a property today, and having a different tax basis right around the corner. That won't change the tax rate, but taxes are obviously a function of both the rate and the tax value--so just a friendly heads up. Since the taxes were last assessed just at the very beginning of the nose dive in market values, there's a likelihood that current tax values are inflated above what they should be. However, I'm not sure that the tax revenue folks are particularly excited about dropping their revenue stream. We'll see soon…

Originally posted by @Brent Raber :

Your county auditor website should have current and history tax amounts listed for specific parcels. 

http://www.wakegov.com/tax/Pages/default.aspx

I love the wakegov.com site for property information.  It even lists recorded sales for the neighborhood when you look up specific properties and gives detailed info including current owner and mailing address info.  It is so much better than most county real estate tax data.