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We recently looked into a Raleigh move from the Dallas area and decided aginst it after a lot of thought.One thing I was curious about but did not explore in depth are the way property taxes work for Wake County.
- The re-assesments are not done every year,correct?In Uniion County outside of Charlotte they seem to be done every 7 years which seemed bizarre to me.
- Houses we were considering in Holly Springs had an average tax estimate between $3,700-$4,000 per year as of 2017.When was the last time those values were assessed?
- What direction do you see values headed in Wake County?We decided against the move for a number of reasons and cost of living no longer being what it was even a few years ago was a big factor.I can’t believe how much things have changed since we initially explored the area back in 2008.If values continue to climb and rates are not reduced,I could see the Triangle area quickly becoming equivalent to parts of Virginia in cost of living comparison.
It is done at least every 8 years. That said, they are moving to do it more often because of rapidly increasing values. It was last done in 2016. Well technically it was done in 2015 and took effect in 2016.
Wake County now does reassessments every 4 years (NC law mandates that they be done at least every 8 years). The last assessment was done as of January 1, 2016, but prior to that, the last reassessment was in 2008. The next one will take effect on January 1, 2020.
Cities and counties are required to calculate the "revenue neutral" tax rate after a reassessment, although they are not required to adopt it. Most typically adopt a rate at, or very close to, revenue neutral for political purposes. Obviously, that is revenue neutral for the entire jurisdiction, so if an individual property went up more, or less, than the average, then the taxes on that property would increase or decrease.
It seems like a Wake County house that was assessed in 2015 for say $3,800 in yearly property tax could easily be $4,800 for the 2019 reassessment that will apply for 2020 if values continue to skyrocket.
I am really glad I asked for clarification on that here,thank y’all.Although we loved the location and scenery in Raleigh,once we factored in state income tax,property tax,car tax and other misc. expenses,we could not rationalize doing the move from Prosper,a Dallas suburb located in Collin County Texas.We dislike the scorching hot summers here and lack of beach access,but it seems like we made the right decision after really mulling over the move.
There are many things to love about the Raleigh metro if it is the right fit for a particular situation.If you are coming from places like PA/NJ/NY/MA ect.I think it is still totally worth it cost of living wise.If you are making a move from Texas,Tennesee,Indiana,ect.I think it is more difficult to rationalize the cost of living differences.
It seems like a Wake County house that was assessed in 2015 for say $3,800 in yearly property tax could easily be $4,800 for the 2019 assessment that will apply for 2020 if values continue to skyrocket.
I am really glad I asked for clarification on that here,thank y’all.Although we loved the location and scenery in Raleigh,once we factored in state income tax,property tax,car tax and other misc. expenses,we could not rationalize doing the move from Prosper,a Dallas suburb located in Collin County Texas.We dislike the scorching hot summers here and lack of beach access,but it seems like we made the right decision after really mulling over the move.
There are ao many things to love about the Raleigh metro if it is the right fit for a particular situation.If you are coming from places like PA/NJ/NY/MA ect.I think it is still toyally worth it cost of living wise.If you are making a move from Texas,Tennesee,Indiana,Kansas ect. I tjink it is more difficult to rationalize financially.
Just curious, how much are all property taxes for a $400K house in Proper? Zillow (for what its worth) says home prices, while lower in Dallas, are rising faster than Raleigh.
Just curious, how much are all property taxes for a $400K house in Proper? Zillow (for what its worth) says home prices, while lower in Dallas, are rising faster than Raleigh.
Property taxes on a house assessed at $400,000 in Prosper are roughly $8,700 per year. There is no state income tax here or car tax.Kilowat and water rates seem to be similar to the triangle area.With North Carolina’s current state income tax rate (5.35%,soon dropping to 5.25%) we would be paying out $8,025 in state income tax per year.We also have a homestead exemption cap here,I am not sure if Wake County offers that,do they?
Roughly $8,600...But there is no state income tax here or car tax.Kilowat and water rates seem to be similar to the triangle area.We also have a homestead exemption cap here.I am not sure if Wake County offers that,do they?
I was not aware of that and didn’t even think to look into it before starting this thread.The homestead cap here in Collin County is an additional benefit of the general homestead exemption, especially in an appreciating housing market, is the homestead cap, or limitation on increases in appraised value. The cap applies to your homestead beginning in the second year you have a homestead exemption.Cap value applies to residential homesteads only and it goes into effect the second year after a residential homestead exemption has been granted for residence. If the property is your residence homestead, the appraised value may not exceed the lesser of the market value of the property or the sum of:10 percent of the appraised value of the property for the preceding tax year;the appraised value of the property for the preceding year; and the market value of all new improvements to the property.
We have owned our house since 2009 and the cap has saved us a lot since the rapid appreciation started here.
Property taxes on a house assessed at $400,000 in Prosper are roughly $8,700 per year. There is no state income tax here or car tax.Kilowat and water rates seem to be similar to the triangle area.With North Carolina’s current state income tax rate (5.35%,soon dropping to 5.25%) we would be paying out $8,025 in state income tax per year.We also have a homestead exemption cap here,I am not sure if Wake County offers that,do they?
My house is assessed right around $400k. I pay roughly $4,000 a year in property taxes currently. Obviously, the property taxes in Texas are much higher, but even with the reduced income taxes we've been paying NC for the last couple of years we'd still pay much more income taxes than the difference in property taxes between us and Texas. So Texas would be "cheaper" for us in this regard, all else being equal.
It seems like a Wake County house that was assessed in 2015 for say $3,800 in yearly property tax could easily be $4,800 for the 2019 reassessment that will apply for 2020 if values continue to skyrocket.
I am really glad I asked for clarification on that here,thank y’all.Although we loved the location and scenery in Raleigh,once we factored in state income tax,property tax,car tax and other misc. expenses,we could not rationalize doing the move from Prosper,a Dallas suburb located in Collin County Texas.We dislike the scorching hot summers here and lack of beach access,but it seems like we made the right decision after really mulling over the move.
There are many things to love about the Raleigh metro if it is the right fit for a particular situation.If you are coming from places like PA/NJ/NY/MA ect.I think it is still totally worth it cost of living wise.If you are making a move from Texas,Tennesee,Indiana,ect.I think it is more difficult to rationalize the cost of living differences.
We moved here just less than 3 years ago from Collin County and, all being said, have found that it is pretty much a wash. Our cost of living is essentially the same.
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