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Old 12-13-2006, 11:05 AM
 
3 posts, read 7,940 times
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Hi all,

I'm due to me relocating from Windsor UK to NC during early 2007, Feb time scale.

Can any one recommend property rental agencys in Chapel Hill & Cary. I will be working within the RTP catchment area, so I believe both of these locations would be of advantage.

Another question I have is what is county tax within these two regions? I'm sure this is based on the size of the property and the value if you purchase the property. Initially we intend to rent although the long term plan is to purchase.

I'm sure I'll have many more questions as time goes on.

Many thanks in advance for any information that you might be able to supply.

Br

Les
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Old 12-13-2006, 01:49 PM
 
Location: Cary, NC
36,940 posts, read 64,295,450 times
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Welcome!

I can't help with the rental referral. Depends on what you want. Rentals are not hard to locate, and many are on the MLS, i.e., Realtor.com.

As far as property taxes, Orange County and Chapel Hill will offer higher RATES (up to 1.71% of tax value of the property) than Cary/Wake County(generally under 1.1% of tax value.) Tax value of the property will determine the final tax bill.

Property taxes in NC are not based on your purchase price, and not adjusted when a property is sold. In Wake County properties are assessed every 8 years, with a small adjustment at the 4 year mark possible.
We are scheduled for the next re-assessment in 2008. Valuations will go up. It is likely the tax rate will decrease, but also likely the decrease will not be proportionate to the valuation increase. So even with a lower tax rate, property taxes will increase.
Politicians will campaign as cutting taxes, trumpeting the lower rate, and ignoring the overall increase in taxation.

Tax values are almost completely disconnected from prices. There is a current nascent movement to increase the frequency of re-assessment so realty is mirrored more accurately.
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Old 12-15-2006, 09:42 AM
 
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Hi Mike,

Many thanks for your response. As expected the county taxes differ quite a lot within the state, so i'll have to be mindful of this when looking to purchase. Although one thing I didn't understand clearly, do you pay property tax on rentals or just on purchases?

Thanks for thr response once again.

Br

Les
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Old 12-15-2006, 10:15 AM
 
Location: Cary, NC
36,940 posts, read 64,295,450 times
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Quote:
Originally Posted by lesteague View Post
Hi Mike,

Many thanks for your response. As expected the county taxes differ quite a lot within the state, so i'll have to be mindful of this when looking to purchase. Although one thing I didn't understand clearly, do you pay property tax on rentals or just on purchases?

Thanks for thr response once again.

Br

Les
Les,
You will be billed to pay property taxes on your OWNED property.
Of course, your rent will underwrite your landlord's property tax payment, but you won't be billed.
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Old 12-15-2006, 02:22 PM
 
Location: Raleigh, NC
653 posts, read 2,826,326 times
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Hi, Les!
Mike covered it pretty well on real property tax. You will also have to pay a personal property tax on your car when you move here - are you bringing one, or will you buy one when you get here?
Here's a link to the state DOT (department of transportation) that explains how to register and title a car:
http://www.ncdot.org/dmv/vehicle_ser...oRegister.html
The amount of tax you pay depends on the value of the vehicle and where it was purchased. If you purhcase it here, there will be a one-time 3% Highway Use Tax. If you bring a car with you, it will be 3% of the value, up to $150 maximum.
Then you will have your annual renewal fees.
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Old 01-05-2007, 07:58 AM
 
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Hi there NCHomeFinder,

Thanks of the info regarding car tax and highway tax etc. Looks like the system in the US is completely different to the one in the UK. Here you pay sales tax when you buy the car new, but if being pre owned you only pay tax if you buy it from a dealer.

And road tax, here in the UK the road tax is charged based on the size of the engine.

So NCHomeFinder ah, don't suppose you work in the rentals business by chance?

We may be looking to move to Cary or Chapel hill when we move over, perhaps you might be able to assist if you work in the property trade?

Br

Les
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Old 01-05-2007, 08:06 AM
 
Location: Raleigh, NC
653 posts, read 2,826,326 times
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Actually, I probably can help you - I've worked with renters before, and I've had clients moving here who wanted to rent before buying that I was able to help find great homes. It's no trouble, and I'd be happy to show you around! Email me or pm me for specifics.
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