This is just a quick overview. Please see the links to the Orange, Chatham, Durham and Wake County web sites for more detailed tax information.
North Carolina collects taxes on both personal property and real property. Every January residents are required to list personal property such as motor vehicles, boats, and aircraft.Â Property taxes are due by September 1st and are late with penalty after January 1. So if you get your taxes paid by the end of December you are fine.
Visit The League of Woman Voters web site for details
The State requires that counties revalue property every 8 years but some choose do it more often. Chapel Hill usually revalues every 4 years. The tax is based on 100% of the assessed value which is market value determined by a county appraiser. Because the appraiser doesnÂ´t go into the homes and does so many evaluations you shouldnÂ´t pay too much attention to the assessed value as a factor when buying a home. Just ask your Realtor to do a current market analysis for you, it will be much more accurate.
The real estate market is always changing. Lately it's been down or stable in most areas of the Triangle.Â Supposedly to keeps things fair the State of North Carolina requires real property be reappraised at least every eight years. The tax rate for Chapel Hill and Orange County changesÂ when values are adjusted. The rate goes down when the assessed value goes up.
The tax rate is often shown as a percentage per $100 of valuation. So for example if the home is valued at $300,000 and the tax rate is 1.50 theÂ yearly taxes would be $4500.Â
TheÂ Chapel Hil/Carrboro School District in Orange County collects an additionalÂ district tax which supplements schoolÂ funds appropriated by the county and state. It is billed and collected at the same time as other county and town property taxes.
It might seem confusing thatÂ in Durham County there are special district taxes for both Chapel Hill and Raleigh. That's because some areas of Durham have a Chapel Hill or Raleigh address. This really only means that the post office is Chapel Hill or Raleigh. The schools and county services are still Durham.Â
Chatham County Property TaxesÂ from their web site.
Wake County tax rates
I'll give you some examples of how taxes vary around the Triangle on December 9, 2013. These numbers change frequently but this will give you an idea of relationships..
In Chatham County property taxes would be between $700 (North Chatham, Briar Chapel, Governors club area) for every $100,000 of value to $1040 (Goldston), depending on where in the county you buy.
In the Chapel Hill/Carrboro School District taxes per $100,000 are around $1540 in the Town of Chapel Hill, $1640 in Carrboro and $1200 outside city limits.
In the City of Raleigh you will be at around $910 per $100,000. Cary is around $870.
I hope that gives you an idea about Triangle taxes.Â
by Marianne Howell Wright
My google+ profile