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that means $100,000 of property value = $1,000 to $1,500 annually of property tax.
Also, always check valuations. There are properties that sold for $400k in my neighborhood that are still appraised at $100k. Yeah, it will change at the next valuation (every 7 years), but you need to do the rate x valuation math before making a decision. Every county has a publicly-searchable database that will show you last year's property tax bill for a given property.
...but it varies by city/county as well, so take that into consideration as well, right?
Correct!
If you live in the county and have well and septic, you won't have city water or city trash pick up so your tax bill may be l/2% BUT you will pay have a few other expenses so it usually works out about the same.
Sometimes you may have community water and then you will have a water bill, also.
But...it is just easier to use the 1% for estimation purposes!
So 1% is a good ballpark, however if you want real numbers, you can type in an address for existing wake county property at: Real Estate Search
and see what the current owners paid for a house, what permits were billed, what the assessed sq feet is and what the current assessed tax bill is...
very helpfull
If you click 'sales', it will tell you what neighborhood sales have been so you can figure your own comps.
with that as a baseline, I think it gives an idea of affordability and you can go from there...
please note: there is another thread when I discovered that you can pay city taxes to one city (eg: Raleigh) and county taxes to Durham county. The county taxes determine the school system.
You could also pay county taxes, but not city taxes if you live in wake county, outside of city limits.
All the more reason to have a knowledgeable real estate agent to help you through all this to find your dream home!!!
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