Durham Property Tax Question - New Construction (sales, new home)

[sneezecake]

So Durham Property tax is 1.4% right?

How is property tax assessed on new construction? Do they go on the purchase price or do they appraise or what? What amount have some people who have built in Durham or bought inventory new homes end up paying tax on?

[solarity]

Ok I am interested in the answer to this question as well.

[sneezecake]

Me too!

[VickiR]

Usually, with new construction, the builder is taxed on the lot only.

After building the house, Wake County will assess the new buyer. They will assess anywhere from 80% to 95% of the sales price of the house and land.

Keep in mind that the rate has not yet been set for 2008.

Vicki