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Greensboro, Winston-Salem, High Point The Triad Area
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Old 01-04-2008, 01:37 PM
 
6 posts, read 27,897 times
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I am looking for information about the tax rates in NC. I know some of the basics: income tax rates, sales tax. How about property taxes? Are you taxed on your personal property or just your home and land?

For instance, in Maryland I pay 6% sales tax on all non-food items. I pay income tax, but I pay almost half what I would if I made the same income in NC. I do not pay tax on my cars or personal property. I pay property tax on my home (about $2500 per year for a $450K property). I am not knowledgeable about taxes on gasoline.

It seems like NC's tax structure is much higher than what I'm used to. Do these numbers sound correct to those of you in the triad?
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Old 01-04-2008, 02:09 PM
 
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hey, I'm not in nc yet ,but if you go on RETIREMENT LIVING INFORMATION CENTER - Retirement Communities and senior lifestyle data it breaks down all the taxes from all the states,,I'm sure other people could give you some info,but I found that site to have some good info
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Old 01-04-2008, 02:14 PM
 
Location: Blue Ridge Mtns of NC
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I moved from the DC burbs of Maryland to NC. Unlike Maryland's piggy-back income tax, there's no county-based income tax here. The 2007 NC income tax rate is 6-8%, depending upon your filing status and your taxable income. The top rate decreases to 7.75% for the 2008 tax year.

The property tax rate varies from county to county. If you choose to live within a municipality or a special taxing district, you'll pay an additional property tax for those services. NC considers both tagged and untagged motor vehicles as property along with trailers, aircraft & watercraft in addition to land and structures.

Sales tax is a two-part tax here, state and local. The current state portion is 4.25%. Again, the local tax portion varies depending on the county of residence, but most counties are 2.5% yielding a combined sales tax rate of 6.75%, but some counties will be higher than that.

Taxation of food in NC is a bit complicated, but generally the state government doesn't tax unprepared food, but your local government will. It basically comes down to the actual item and how it's sold.

Income Tax - Individual Income Tax

Food Sales Tax - http://www.dornc.com/practitioner/sa.../section19.pdf

Property Tax - N.C. Property Tax

Last edited by mm34b; 01-04-2008 at 02:49 PM..
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