Property Taxes for Wake County Homes
Posted by Teresa Pollock on Monday, March 16th, 2009 at 10:10am.Wake County Property Taxes
Relocating to the Wake County, North Carolina? If so, then it'll be important to understand how Wake County assesses real estate property and also, how are the real estate property taxes calculated using this assessment. Having already discussed the revaluations of Wake County homes, let's focus on the later of the two topics - "How are real estate property taxes calculated within Wake County?" To begin with, the amount of taxes that each property owner pays depends on two factors:
- The assessed value of the home from the most recent revaluation process, and
- The tax rates set forth each year by county and municipality officials.
If you reside within one of Wake County's 14 cities or towns outlined below, then the property tax bill that you receive each year will include both the Wake County and municipal property taxes. The revenue collected from the property taxes support Wake County services, such as:
- Schools
- Medical, fire, and police services
- Road paving and sidewalk repair
- Libraries
- Park maintenance
Below, we've highlighted the Wake County tax rates for 2008 and provided you with a schedule of tax rates for the three years leading up to 2008. As you can see, municipalities have the option of adjusting their tax rates to ensure more equal distribution of property taxes. Property tax rates are given per $100 of a home's assessed value.
| 2008 | 2007 | 2006 | 2005 | |
| Wake County | 0.534 | 0.678 | 0.634 | 0.604 |
| Angier | 0.53 | 0.53 | 0.53 | 0.50 |
| Apex | 0.34 | 0.40 | 0.40 | 0.40 |
| Cary | 0.33 | 0.42 | 0.42 | 0.42 |
| Clayton | 0.54 | 0.54 | 0.49 | NA |
| Fuquay Varina | 0.386 | 0.52 | 0.52 | 0.53 |
| Garner | 0.49 | 0.575 | 0.575 | 0.56 |
| Holly Springs | 0.415 | 0.53 | 0.5 | 0.53 |
| Knightdale | 0.40 | 0.50 | 0.50 | 0.50 |
| Morrisville | 0.3665 | 0.4677 | 0.4677 | 0.4677 |
| Raleigh | 0.3735 | 0.435 | 0.395 | 0.395 |
| Rolesville | 0.42 | 0.515 | 0.485 | 0.485 |
| Wake Forest | 0.51 | 0.55 | 0.54 | 0.54 |
| Wendell | 0.49 | 0.54 | 0.54 | 0.54 |
| Zebulon | 0.51 | 0.55 | 0.50 | 0.49 |
Sample Property Tax Calculation for a Wake County Home
To calculate the amount of tax one would owe on a single-family home in the Town of Apex, NC, we must first know two things:
- Assessed value of the home ($250,000)
- Tax rates set forth by both county and town officials - Wake County (0.534) and Town of Apex (0.34)
Next, follow the three steps outlined below.
Step 1:
- Wake County property tax rates are given per $100 of a home's assessed value, so divide 250,000 by $100. The result is $2,500.
Step 2:
- Combine the Wake County and Apex tax rates together: The Wake County rate (0.534) + Town of Apex (0.34) = 0.874 combined tax rate
Step 3:
- Multiply 2,500 by 0.874. The result is $2,185, which in turn becomes the amount of property taxes owned for the year 2008. If a homeowner chooses to escrow the taxes as part of the monthly mortgage payments, then simply divide the total tax by 12.
Overall, a good rule of thumb for estimating the property taxes of a home within Wake County is to calculate 1% of the homes assessed value. When comparing Wake County, North Carolina property taxes to other county's and states across the nation, it's easy to understand why so many people are interested in relocating to the Greater Raleigh area.
If you would like to receive a Greater Raleigh relocation guide, would like additional information about property taxes in Wake County, or would like additional information about homes for sale in Wake County, then please contact a member of the Greater Raleigh Realty Team. Our team of real estate professionals are here to help.
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