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Meaning: the city of. Not considering any of the burbs, which probably vary considerably. Just am seeking general info in comparison of the two metro areas. Thanks ahead .
City of Charlotte (Mecklenburg County) - 1.2536
City of Raleigh (Durham County) - 1.1194
City of Raleigh (Wake County) - 0.9075
Does not include special taxing districts, if any.
To be clear, those numbers are based upon how much you will pay per every $100 of the tax value of the property. In other words, a $100,000 place in Charlotte would cost you $1,253.60 in annual taxes. A $100,000 place in Raleigh would cost you $907.50 per year in taxes.
Using the tax rates above, here is what the median household for both cities actually pay.
Raleigh-----$1,844.95 per year
Charlotte---$2,172.49 per year
Difference--$327.54 more per year in Charlotte
Now, lets look at the 30 year fixed mortgage for the median of both cities at 3.5% interest.
Raleigh-----$10,954.92 per year
Charlotte----$9,338.28 per year
Difference--$1,616.64 more per year in Raleigh
With that said, most folks in the Charlotte area still insist on going for the cheaper property taxes in SC. Fort Mill SC (which is officially part of Charlotte's "urbanized area") has a median home value of $169,500 and a tax rate of $764.80 per $100,000 value. In other words, the average household in Fort Mill (median household income of $64,924) only pays $1,296.34 in annual property taxes. This is one of the main reasons why Sun City (one of the most popular retirement neighborhoods in metro Charlotte) is located only a few miles south of Charlotte's city limits in Fort Mill SC (unincorporated Indian Land, SC to be exact).
I wasn't at all trying to make my answer too difficult. I was just trying to give you the bigger picture. Clearly a "tax rate" doesn't tell the entire story. Also, SC's gas averages 20-30 cents per gallon cheaper than anywhere in NC. There is a reason why metro Charlotte's second most populated county is in South Carolina. Informed folks are doing the math, and SC burbs are Charlotte's best kept secret (something that no other major city in this state has).
Those look more like sales tax rates, but I'm not sure what they are to be honest.
To be clear, those numbers are based upon how much you will pay per every $100 of the tax value of the property. In other words, a $100,000 place in Charlotte would cost you $1,253.60 in annual taxes. A $100,000 place in Raleigh would cost you $907.50 per year in taxes.
The numbers are what I said they were. BUT what I missed from the original reply is that the county rate is already figured in to those numbers. In other words the numbers posted are the combination of city and county rates though they might be off a fraction since a new tax rate was created not too long ago and looks slightly less than what that chart had.
The numbers are what I said they were. BUT what I missed from the original reply is that the county rate is already figured in to those numbers. In other words the numbers posted are the combination of city and county rates though they might be off a fraction since a new tax rate was created not too long ago and looks slightly less than what that chart had.
It really doesn't matter either way. My point in that rather long post was that simply looking at tax rates doesn't tell the whole story. Cost of living and inflation are the "secret taxes" that few people ever pay attention to. Cost of transportation due to higher fuel bills and fewer mass transit options are also factors.
A missing statistic in Urban's post is that Wake's median household income is 63,770 to Mecklenburg's 55,294.
The OP only wanted the city information for Charlotte and Raleigh. FWIW, per capita income for Wake and Meck are the same. Wake's higher household income only means that Wake has a higher percentage of two-income families who are struggling to pay their higher-than-Meck mortgages. Think about it, the per capita income for both counties are almost $32,000. However, Wake's household income is $64,000 while Meck's is only $55,000. If individuals in both counties earn the same, how come households in Wake earn more? Simple, households in Wake have a larger number of full time working members.
Another way to look at it is that Meck county families are saving so much money on their homes that they can afford to have stay-at-home household members. Also, Wake county has more kids than Meck county (as evident in the fact that Wake county schools are more populated). This leads to a larger percentage of Wake county households having the expense of raising kids (thus they have to work more and earn more). Simply put, the $9,000 difference in income between Wake and Meck are going to things such as kids and higher home prices. Furthermore, families in Wake are having to work more hours in order to earn that extra $9,000 per year. As a result, they tend to clog Triangle area roads in their desperate attemp to earn those extra dollars. This is why the Triangle now has worse traffic than Charlotte. Atlanta commute among the worst, Raleigh's worse than Charlotte's | TechJournal
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