Example of Wake County Property Tax Calculation
In Wake County, property tax is calculated based on the assessed value of the property. The tax rate is set by the county and is currently 0.616 cents per $100 of assessed value.
To calculate the property tax, one must first determine the assessed value of their property. This is done by the Wake County tax assessor's office and is based on the market value of the property as well as any improvements made to the property.
Once the assessed value is determined, one can calculate the property tax by multiplying the assessed value by the tax rate. For example, if a property has an assessed value of $200,000, the property tax would be calculated as follows:
$200,000 (assessed value) x 0.00616 (tax rate) = $1,232
Therefore, the property tax for this property in Wake County would be $1,232.
It's important to note that in some cases, property owners may be eligible for certain exemptions or deductions that can lower their property tax bill. It's recommended to consult with a tax professional or the Wake County tax assessor's office to determine eligibility for any tax breaks.
If you want appeal your property tax assessment - contact your local tax assessor.
Wake County Property Tax Rates
The Wake County Property Tax rates are:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Countywide Tax | $0.61 |
| City of Raleigh Tax | $0.42 |
| Town of Apex Tax | $0.39 |
| Town of Cary Tax | $0.3650 |
| Town of Fuquay-Varina Tax | $0.42 |
| Town of Garner Tax | $0.3850 |
| Town of Holly Springs Tax | $0.3750 |
| Town of Knightdale Tax | $0.3850 |
| Town of Morrisville Tax | $0.35 |
| Town of Rolesville Tax | $0.35 |
| Town of Wake Forest Tax | $0.3850 |
Note that these rates are subject to change and additional taxes may apply based on special assessments or districts. It is recommended to consult with a tax professional for personalized advice on property tax in Wake County.
Who sets property tax rates in Wake County ?
In Wake County, property tax rates are set by the Wake County Board of Commissioners. They typically approve the rates each year during their budget process, which generally takes place in June. The rates are based on the assessed value of the property and are used to fund local government services such as schools, roads, and public safety. Property owners in Wake County can view their current tax rate and access other property tax information on the Wake County Revenue Department's website.
Homestead exemptions in Wake County ?
To better understand the Homestead exemptions and deductions available in Wake County, North Carolina, let's take a look at the table below. The table includes the necessary columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled | Age 65+ or permanently disabled | $25,000 | Reduces assessed value of property |
| Disabled Veteran | Honorably discharged veteran with service-connected disability | $45,000 | Reduces assessed value of property |
| Circuit Breaker | Age 65+ or permanently disabled with income less than $30,200 | Varies based on income and property value | Reduces property tax paid |
| Disabled Veteran's Exclusion | Honorably discharged veteran with 100% permanent and total disability | Exempt from property taxes | Applies to primary residence only |
| Surviving Spouse of Firefighter or Law Enforcement Officer | Surviving spouse of a firefighter or law enforcement officer killed in the line of duty | $45,000 | Reduces assessed value of property |
It's important to note that these exemptions and deductions are specific to Wake County and may vary in other counties or states. Homeowners should always check with their local tax department for the most up-to-date information on available exemptions and deductions.
By utilizing these Homestead exemptions and deductions, eligible homeowners in Wake County can potentially reduce their property taxes and save money.
When is Wake County Property Tax due ?
Wake County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay their taxes without incurring any interest or penalties.
There are several payment methods available for Wake County Property Tax. Taxpayers can pay online using a credit card or e-check, by mail with a check or money order, or in person at any Wake County Tax Office location.
To pay online, taxpayers can visit the Wake County Treasurer's website and follow the prompts for online payments. To pay by mail, taxpayers should make their checks or money orders payable to "Wake County Tax Collector" and mail them to the address listed on their tax bill. To pay in person, taxpayers can visit any Wake County Tax Office location during regular business hours.
It's important to note that Wake County Property Tax is a yearly tax and must be paid by the due date to avoid any additional fees or penalties. Taxpayers who are unable to pay their taxes in full by the deadline may be eligible for a payment plan or other assistance programs.
If you have more questions - contact your local tax collector.
How is Wake County Property Tax penalty calculated ?
To calculate the Wake County Property Tax penalty, the following steps are taken:
- Determine the delinquent date: The delinquent date is the date when the property tax is due. For Wake County, this date is January 5th of every year.
- Calculate the penalty rate: The penalty rate for Wake County is 2% for the first month of delinquency and an additional 0.75% for each subsequent month.
- Calculate the penalty amount: The penalty amount is calculated by multiplying the penalty rate by the amount of unpaid taxes.
Here's an example to illustrate how this works:
- John owns a property in Wake County and owes $3,000 in property taxes for the year 2021.
- He fails to pay the taxes by the delinquent date of January 5, 2022.
- In February, he is charged a penalty rate of 2% for the first month of delinquency, which is $60 (2% of $3,000).
- In March, he is charged an additional 0.75% penalty rate, which is $22.50 (0.75% of $3,000).
- If John still hasn't paid his taxes by April, he will be charged another 0.75% penalty rate on the total amount owed, which will be $45 (0.75% of $6,000).
Overall, it's essential to pay property taxes on time to avoid additional charges and penalties.
We recommend contacting the Wake County Tax Office or a local tax professional for the most up-to-date and accurate information.