All You Need to Know About Property Taxes

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Real Estate

Like all inevitable things in life, taxes are unavoidable.  So let’s get this convo going as the deadline for paying property taxes is coming up on January 5!

**NOTE:  for the purpose of this conversation, I will be talking about HOME property taxes only.

What is NC property tax as it pertains to homes? 

Property tax rates are applied using a calendar approach. This means that your current tax bill utilizes the time you owned the home from Jan-Dec of the current year. So, they are paid in arrears.  

**I will be happy to explain how this works if you buy or sell property during the year.  CONTACT ME NOW

Residents of Wake County have an average effective property tax rate of 0.88% and the median annual property tax payment is $2,327.  This means if you have a home that is tax valued (not the same as a real estate appraisal) at $400K, you will pay 0.88% tax on it or $3520. 

Here are some tax values for counties near Wake:

Source:  NC County Tax Rates

Tax bills are typically mailed in July and are due September 1st.  There is an extended deadline of January 5 of the next year, so you can pay at either time.  Keep in mind that this may affect your taxes for the year.  If you pay in the next year, you cannot claim them for the current year.  Check with your tax advisor.  

**Tax bills are not mailed to mortgage companies. The majority of lenders electronically access and retrieve tax data directly from our system, eliminating the need for a paper copy of the bill.  If you pay through your mortgage company, the final responsibility is still yours.  Check with them to make sure they are being paid and that you are not double paying. 

North Carolina’s property tax is “ad valorem,” (translation, “to value) which means that it is based on the value of property. A county assessor determines the value of a property and is required to revalue a property at least once every eight years. In Wake County, it is every four years.  The goal of the reappraisal is to determine the current market value of the property.  The last county home tax assessment was done in January, 2020.  The next one will be in January, 2024.

NOTE:  A tax appraisal from a county assessor is not the same as a real estate appraisal.    

** CONTACT ME FOR YOUR HOME'S VALUE and learn your accurate, personal, home value.   It's FREE!

Definition of Terms:

A Tax appraisal provides an estimate based on general algorithms from several public sources. 

A Real Estate Appraisal is typically conducted by a licensed, accredited NC Appraiser.  It is an  appraisal is an unbiased professional opinion of the value of a home and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.  It determines the value the bank is willing to mortgage.

A Home Value Report is provided by an experienced, knowledgeable Realtor and will give you an accurate price point of your specific home based on extensive research, personal evaluation & recent, nearby comparable homes.  This is the most accurate current value of your home.

Did you find this article helpful?  Questions?  Let me know