Wake County, North Carolina approved a double-digit property tax increase for property owners. North Carolina’s second most populous county will see the new measure take effect on July 1.
With the new tax increase, a property owner will pay an estimated $66.30 for every $100,000 in assessed value. A $2,000,000 office building will see an increase of $1,320 on their next property tax bill which will be mailed out starting July 1st.
Wake County leaders voted for the measure 6-1 to adopt the $1.47 billion budget for 2019-2020. The new Wake County property tax rate will be set ay 72.07 cents for every $100 in property value.
How to calculate taxes (from Wake County)
The Wake County property tax rate is applied against each $100 in value to calculate taxes due.
A single-family home with a value of $200,000. The property is located in the City of Raleigh but not a Fire or Special District.
County rate = .6195 Raleigh rate = .3930 Combined Rate = 1.0125 Recycling Fee = $20
- Property value divided by 100: $200,000/100 = 2,000
- 2,000 x 1.0125 = $2,025.00
- Plus $20 Recycling fee = $2,045.00 estimated annual tax
A motor vehicle with a value of $8,500. The property is not located in a municipality but is in a Fire District.
County rate = .6195 Fire District rate = .1027 Combined Rate = .7222
(No vehicle fee is charged if the property is not in a municipality)
- Property value divided by 100: $8,500/100 = $85
- $85 x .7222 = $61.39 estimated annual tax
Wondering how property taxes are calculated in general? Here’s an article to help explain.
Updated: updated as of July 2022 to reflect the current property tax info and calculations