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How much would we be expected to pay in property taxes? Right now we are paying $8000 for a $400,000 house in NJ, and probably will go up in the next year.
How much would we be expected to pay in property taxes? Right now we are paying $8000 for a $400,000 house in NJ, and probably will go up in the next year.
Thanks for you help.
Do you have a certain area? The "Triangle" is not just one area, but a combination of many different city and county areas.
However, in general, I've been lead to believe that taxes are cheaper in NC then in most areas of the Northern Atlantic states.
Depends on the specific location within the Triangle. North Carolina property tax rates are based on the county of residence and possibly an additional taxing district such as a resident living within a town or city limits.
2006-2007 TAX RATES AND EFFECTIVE TAX RATES
(No special district rates are included in either county or municipal rates)
A home that cost $500,000 is usually assessed at 80% to 95% of its value.
Lets just say its a brand new home and is assessed at 90% of the $500,000 sales price. I'd ESTIMATE (Realtors cannot do math) $4500 per month for CITY AND COUNTY taxes. Monthly (dividing by 12 months per year) you'd pay approx. $375 per month.
If you prefer to estimate high, figure on the assessment being 100% of the sales price. Wake Forest taxes are a bit higher than Raleigh so even if its $5,000 per year...still better than NJ taxes!
Around the Wake Forest area. That's, so far, the area that we are looking at.
You are looking at a tax rate of around 1.174 for Wake Forest (2006), though that is going to go up a tad with the new school bond. That is about 4,700$ for a 400k home.
Of course, that is a ROUGH estimate. Your real estate agent should be able to give you a much better estimate.....depending if you are the city limits of Wake Forest or in an outlaying area.
So what town around that area would have the cheapest property taxes? And what would those look like in that town?
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Sorry I should have clarified...
