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City taxes assessment Raleigh North Carolina, city tax, percentage of property value assess, Wake County, estimated annual tax, state income tax, federal tax, property and vehicle tax
The annual property tax is based on the assessed property value and the current county and municipal tax rate, for those living within the borders of an incorporated city or town.
Example : A single-family home with an assessed value of $200,000. The property is located within the Town of Apex but not a Fire or a Special Taxing District.
Wake County rate = 0.6780
Town of Apex rate = 0.4000
Combined Rate = 1.0780
Recycling Fee = $20.00
Property value divided by 100: $200,000/100 = 2000
2000 x 1.078 = $2,156.00
Plus $20.00 Recycling fee = $2,176.00 estimated annual tax
The annual property tax is based on the assessed property value and the current county and municipal tax rate for those living within the borders of an incorporated city or town.
Example : A single-family home with an assessed value of $200,000. The property is located in the Town of Apex but not a Fire or Special District.
Wake County rate = 0.6780
Town of Apex rate = 0.4000
Combined Rate = 1.0780
Recycling Fee = $20.00
Property value divided by 100: $200,000/100 = 2000
2000 x 1.078 = $2,156.00
Plus $20.00 Recycling fee = $2,176.00 estimated annual tax
[URL="http://www.dor.state.nc.us/publications/propertyrates.html"]Property Tax Rates and Latest Year of Revaluation[/URL]
Sweet, thanks for the quick reply. I assume that this same formula will apply to any home that falls inside the city limits of Raleigh on the map I linked to in my first post.
I am coming from FL...we have federal and property taxes only. So I am trying to plan on:
Federal taxes
State taxes
County taxes
Town taxes
Vehicle taxes
Property taxes
and try to as accurately as possible figure out what the total tax burden will be for us after relocation.
As far as I know, the City of Raleigh does not have any special "neighborhood" taxing districts, so there's only one property tax rate for city residents. There's also no local-level income tax, like you see in some areas on the Northeastern U.S.
As far as I know, the City of Raleigh does not have any special "neighborhood" taxing districts, so there's only one property tax rate for city residents. There's also no local-level income tax, like you see in some areas on the Northeastern U.S.
State Income Tax - [URL="http://www.dor.state.nc.us/taxes/individual/rates.html"]Tax Rate Schedule for Tax Year 2007[/URL]
[URL="http://www.ncdot.org/dmv/vehicle_services/registrationtitling/taxProperty.html"]NCDOT Division of Motor Vehicles: Motor Vehicle Property Tax[/URL]
Holy Moly....
Property taxes are maybe $1,000 - $1,500 a year cheaper on a similarly priced home in Raleigh vs. Vero Beach, FL (where I live now)
But I have to tack on another $500-$600 a year for two vehicles in NC (do I have to pay vehicle tax on my boat as well?)
And then another $8,000 or more in State Tax in NC that I don't pay in FL. WOW.
My Tax burden will go up by at least $7,000 a year by moving to Raleigh. That is being conservative at this point based on what I looked at on the tax schedule for state taxes. That HURTS. I mean, I knew it would be more, but 8% for state income tax...on top of property tax, sales tax, vehicle tax, county/other local tax...holy crizzap.
(do I have to pay vehicle tax on my boat as well?)
Yep, motor vehicles, recreational vehicles, aircraft and watercraft (including boats, motors, and personal recreational vehicles like wave runners and jet skis, etc.).
Have you researched your HOI and auto insurance comparison yet? I don't know about where you are in FL, but in Miami the HOI and auto insurance is significantly higher than in NC.
Don't forget that if you are shopping for a comparable home (rather than looking to cash out and then significantly upgrade) you will come out cheaper for sure. Some people think that they absolutely must buy that unnecessarily bigger house for the same amount or a little less than the home they cashed out on, but it is not a necessity if you are just looking for a lower cost of living.
Also, $600-$800 seems high for two vehicles' personal property tax, unless you are driving brand new luxury vehicles. I am no expert, but maybe someone else can comment. Also, this value decreases with the depreciation of your vehicle.
Last edited by miamiblue; 04-07-2008 at 01:27 PM..
We moved from Tampa to Cary in 2006. Our property tax went from $10k to $4500, but like you mentioned having to pay state income tax more than offset that savings. Our HOI decreased from about $1300 to $700 (both for houses worth about $500k). You may not be too far off on the personal property tax. We paid $220 for a six year old Honda Pilot (which we maybe could get $10k for) because Wake County claims the retail value is $20k. So, two decent cars could easily be taxed at $600. I assume you understand that the 8% income tax is after you itemize (most everything you itemize on your federal forms can be itemized on your state form) and there are brackets so 8% is on taxable income over $120k. I will say that although it probably didn't end up being cheaper for us to live here, the amenities of the area and better job opportunities for my husband have more than made up for the small increased costs we have incurred. I do think it is very wise to be aware of what taxes are though, because when I here people talk about how cheap it is too live here I have no idea what they're talking about.
Cost of living really depends on where one relocates from. Many of the state's newcomers are coming from along the DC/NYC/Boston metropolitan areas. Generally, NC is neither cheap or expensive nationally, just average, but compared to those areas, we're cheaper overall.
Have you researched your HOI and auto insurance comparison yet? I don't know about where you are in FL, but in Miami the HOI and auto insurance is significantly higher than in NC.
Don't forget that if you are shopping for a comparable home (rather than looking cash out significantly upgrade) you will come out cheaper for sure. Some people think that they absolutely must buy that unnecessarily bigger house for the same amount or a little less than the home they cashed out on, but it is not a necessity if you are just looking for a lower cost of living.
Also, $600-$800 seems high for two vehicles' personal property tax, unless you are driving brand new luxury vehicles. I am no expert, but maybe someone else can comment. Also, this value decreases with the depreciation of your vehicle.
Unfortunately, yes, one of the cars is new. sigh. With the cars and the boat, I think it works out to be roughly $700 in property tax according to the wake county site.
Our homeowners insurance is on par with Raleigh and auto insurance doesn't appear to much different either. I do not live in a city like Miami where those costs may be much higher. Besides, my wife and I have no accidents or tickets and are both over 26 now. our rates are fantastic.
I am looking for a home in NC in the sub $300,000 dept. Nothing extravagent at all. I bought my existing home for roughly $250,000 and when we closed in 2005, the appraisal was at $300,000.
I live in a 500 home community in FL where nearly 200 houses are empty. Not even being rented. There are seven empty homes to the left of me in a ROW. These are 3-4 year old homes some of which have never been lived in.
Most of my model home are currently listed for between $160k and 180k. There was just a bank sold (forclosure) home down the block for $129,000 for the same model house I have now (5/3/2, 2,100 sq ft).
Even if we got $150-160k for our house, I would still have to write a check for roughly $80,000 + closing costs to settle the loan.
I was responsible and put cash down and did a full-doc loan. There are a TON of people simply walking away because they put NOTHING down and got adjustable rate loans that have them unable to make payments. They have no investment in the house and should never have been approved in the first place. However, due to shoddy lending and irresponsible borrowing, my exact model house is selling for between $129 and $140k. That is roughly a 55-60% drop in value in about 18 months. Nothing is moving for even close to the asking prices.
Our company has decided to consolidate operations from IL, PA and FL and get one central office in Raleigh.
Personally, now is not the ideal time to move, but ultimately, Raleigh seems to offer a solid location for our technology oriented business. Sometimes you have to suck it up and suffer for a little while to get ahead.
I was hoping to not jump up $8,ooo in taxes though. That sucks.
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