Home Buying in Raleigh>Question Details

Dana, Other/Just Looking in 34957

what are real estate taxes like in raleigh, NC? what about home insurance?

Asked by Dana, 34957 Mon Jul 23, 2007

we are considering moving to raleigh and would buy a home for about 1 million. in florida our home is taxed between 10 and 11 thousand per year, and insurance is another 6 thousand.

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Another point to make regarding real estate taxes in this area is that in Wake County the properties are assessed every eight years not every year. The last assessment was done in 2008. The property rates are tweaked every year but the assessment is done every eight years.
0 votes Thank Flag Link Tue Feb 28, 2012
Dear Dana,
The other agents who have already responded to you are accurate in the information of what the tax rates are and where you go to get the current rates. The one other factor that must be considered is the tax valuation of the property. Our tax rates were set in January 2008 to be effective for the next 8 years (likely to be only 4 years, but nothing official on that yet). You'll remember that the market was rising in 2006 and 2007 when the assessors were completing their caculations. Keep in mind that with a rollout date of January 1st 2008, the majority of the work was completed by mid-2007. By mid 2007 the market had flattened and by early 2008 the market was going down. Assessments were based on their projections of where the market would be in January 2008, not on what turned out to be reality. Virtually all homes in Wake County are assessed higher than what they will sell for, particularily in the high prices ranges. The home that you might purchase for 1M is likely to have a tax value of 1.1-1.4M which is what you'd pay taxes on. Your anticipated tax bill on a home in Raleigh city limits is likely to be around 10K+ not 9K.
0 votes Thank Flag Link Fri Jan 20, 2012
The historical tax information (including 2011) can be found at the wakegov.com website. I have listed the direct link below to take you straight to the relevant document. Tax Bills for specific properties can be found at https://services.wakegov.com/ptax/main/billing/

Home insurance varies by property and provider. Your realtor and lender will both have trusted contacts for home insurance who can provide a quote for you.

NC Property Tax Rates by location:
http://www.wakegov.com/NR/rdonlyres/AC8EA9E6-C572-4C65-8B15-…

Tax Bills by Property:
https://services.wakegov.com/ptax/main/billing/
0 votes Thank Flag Link Sun Jan 1, 2012
Dana,

The 2010 tax rate for properties located in the City of Raleigh and Wake County was .9075 + a $20.00 recycling fee. (The 2011 tax rates aren't out yet.) So if a property is assessed at $1M then the taxes would be $9,095/year. There are properties that have a Raleigh address, but are not in the city limits, therefore, you only pay Wake County tax rates which was .534 for 2010 (then the taxes would be $5,360/year). The other cities/towns in Wake County have different tax rates. Go to Wake County's website for more information.
0 votes Thank Flag Link Thu Feb 24, 2011
Hi Dana

I am selling my 14.5 acres ranch, for $839,000.00, I pay 5,000.00 taxes a year and HO Ins is $1,700.00
If you want to see my house goggle 5001 Deer Creek Trl Raleigh, NC 27616. and check it out.

Tere
0 votes Thank Flag Link Mon May 31, 2010
Go to http://www.wakegov.com and find the real estate tax rates for the diffferent areas. Wake County is a large county with multiple townships besides the main city of Raleigh. It all depends on what local you are in. There are several locals in the Raleigh area that meet the pricepoint that you have indicated. As far as home insurance, again it depends on the area of Raleigh that you are in. The city limits are only a part of the Raleigh area, so check with an insurance agent for a quote based on the actual location. As a Raleigh/Triangle agent, I know that it can vary significantly.
0 votes Thank Flag Link Thu Aug 2, 2007
Hi Dana,
A great website to check out is the wake county government website. They have a complete list of tax rates for the cities in wake county.
I hope this helps
Shannon Fuhrmann
0 votes Thank Flag Link Wed Jul 25, 2007
Property Taxes City: 43.5 cents per $100 valuation

County: 63.4 cents per $100 valuation
This may or may not include school and fire taxes.
As for Home Ins, you will have to call a local agent to get an estimate, but they are far enough away from the coast to be reasonable.
I am actually in Randloph County, Asheboro, NC, (center of the state)
Taxes here are somewhat less, 53.5 in the county and about 40 in the city. The difference is the ammount of home you can by for the price. Avg price per sf in Randolph Co is about 110 per sf.
If you need anything else, let me know .
Sincerely,
Mark Vuncannon
Trollinger Real Estate
marcus9669@yahoo.com
800-849-1939
0 votes Thank Flag Link Mon Jul 23, 2007
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