Example of Durham County Property Tax Calculation
Durham County Property Tax is calculated based on the assessed value of the property, which is determined by the county tax assessors. The assessed value is then multiplied by the tax rate, which is set by the county commissioners. For example, if the assessed value of a property is $100,000 and the tax rate is 0.80%, the property tax would be $800 ($100,000 x 0.008). It is important to note that property taxes are typically due annually and can be paid in full or in installments.
If you want appeal your property tax assessment - contact your local tax assessor.
Durham County Property Tax Rates
Here is a table listing the Durham County Property Tax rates per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.7525 |
| City of Durham Tax | $0.5768 |
| Fire District Tax | $0.0650 |
| Special District Tax | Varies by district |
It's important to note that the Special District Tax rate varies depending on the specific district in which the property is located. If you have any questions or concerns about your property taxes in Durham County, it's always best to consult with a qualified tax professional for guidance.
Who sets property tax rates in Durham County ?
Who sets property tax rates in Durham County?
The property tax rates in Durham County are set by the Durham County Board of Commissioners.
When are property tax rates set in Durham County?
The property tax rates in Durham County are set annually, typically in June or July, after the county budget has been approved.
It's worth noting that property taxes are a major source of revenue for local governments in the United States. The funds generated from property taxes are used to finance various community projects and services, including schools, roads, and public safety initiatives. As a tax advisor, it's important to stay up-to-date on property tax rates and regulations in the areas where you work to offer the best advice to your clients.
Homestead exemptions in Durham County ?
In Durham County, North Carolina, there are several Homestead exemptions and deductions available for eligible homeowners. To help you navigate through these options, we have provided a table below with the columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled | Age 65+ or Totally & Permanently Disabled | $25,000 | Must apply by June 1st |
| Circuit Breaker | Age 65+ or Totally & Permanently Disabled | Varies based on income and property | Must apply by June 1st and meet income and net worth requirements |
| Disabled Veteran | Honorably Discharged Veteran with a disability | Varies based on percentage of disability | Must provide proof of disability |
| Blind | Blind or visually impaired | $20,000 | Must provide proof of blindness or visual impairment |
| Surviving Spouse | Widow/widower of eligible homeowner | $60,000 | Must apply within two years of spouse's death |
| Disabled Veteran Surviving Spouse | Widow/widower of Disabled Veteran | $45,000 | Must provide proof of deceased spouse's disability |
It's important to note that eligibility and amounts for each exemption may vary based on individual circumstances. Homeowners are encouraged to contact their local county tax office for more information and to determine their eligibility for these exemptions and deductions.
When is Durham County Property Tax due ?
Durham County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay without incurring any penalties or interest charges.
Payment methods for Durham County Property Tax include:
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Online: Taxpayers can pay their property tax online through the Durham County Tax Administration website using a credit or debit card, or by electronic check.
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By mail: Taxpayers can also pay their property tax by mail by sending a check or money order to the Durham County Tax Office.
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In person: Taxpayers can pay their property tax in person at the Durham County Tax Office using cash, check, or credit card.
It is important to note that late payments will result in penalties and interest charges. Additionally, failure to pay property tax can result in a tax lien being placed on the property, which can lead to foreclosure proceedings. Therefore, it is crucial for taxpayers to pay their property tax on time to avoid any unnecessary financial consequences.
If you have more questions - contact your local tax collector.
How is Durham County Property Tax penalty calculated ?
Durham County calculates property tax penalties based on a set percentage of the unpaid taxes. The penalty rate is determined by the number of days past the due date of the property tax payment.
Here are the penalty rates in Durham County:
| Number of Days Late | Penalty Rate |
|---|---|
| Up to 30 days | 2% |
| 31-60 days | 3% |
| 61-90 days | 4% |
| Over 90 days | 5% |
For example, let's say John owns a property in Durham County and the property tax payment deadline was January 31. John forgot to pay the property tax until March 31, which is 59 days late.
Using the penalty rate table, the penalty rate for being 31-60 days late is 3%. If John's property tax amount was $2,000, then the penalty for being 59 days late would be $60 (3% of $2,000).
In addition to the penalty, interest is also charged on the unpaid taxes at a rate of 3/4 of 1% per month. It's important to pay property taxes on time to avoid penalties and interest charges.
We recommend contacting the Durham County Tax Office or a local tax professional for the most up-to-date and accurate information.