Raleigh, North Carolina Property Taxes
The median property tax rate in Raleigh, NC is 1.19%, notably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Raleigh, the typical annual property tax bill reaches $2,703, exceeding the national median of $2,690. Property taxes in Raleigh are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Raleigh's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Raleigh or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raleigh, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,791
Ownwell’s Raleigh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raleigh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raleigh to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Raleigh, North Carolina
Property taxes in Raleigh, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raleigh is 1.19%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Raleigh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raleigh estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Raleigh's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27617 zip code has the highest median property tax rate of 1.19%, while the 27613 zip code has the lowest median tax rate of 0.99%. Understanding how these areas compare with Raleigh provides valuable insights into the varying tax landscape across Durham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raleigh Tax Rate
1.19%
Average Durham County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raleigh, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27613 | 0.92% | 0.94% | 0.99% | 1.19% | 1.19% |
| 27617 | 1.19% | 1.19% | 1.19% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Raleigh, North Carolina
In Raleigh, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Durham County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Raleigh, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Raleigh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Raleigh is $2,819 in the 27617 zip code, while the lowest median tax bill is $2,394 in the 27613 zip code.
Property Tax Assessment Values Across Raleigh, North Carolina
Source: Ownwell
$164,928
$519,945
$874,961
Average Raleigh Assessed Value
$234,497
Average Durham County Assessed Value
$220,810
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raleigh, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27613 | $172,936 | $195,023 | $204,267 | $344,296 | $476,553 |
| 27617 | $222,815 | $224,687 | $237,892 | $420,290 | $481,711 |
Source: Ownwell
Property Tax Bills Across Raleigh, North Carolina
In Raleigh, located in Durham County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Raleigh is $234,497. To calculate the tax bill, the assessed value is multiplied by the local property tax rate. Factors such as location, property size, and improvements can influence the assessed value. For homeowners, property tax bills can vary significantly. For example, the 25th percentile tax bill is $2,344, while the 75th percentile reaches $4,010, and the 90th percentile climbs to $5,240. The highest median tax bill in Raleigh is $2,819 in the 27617 zip code, whereas the lowest is $2,394 in the 27613 zip code. These variations impact homeowners by affecting their annual expenses and potentially influencing their decisions regarding property investments. Compared to the national median property tax rate of 0.99%, Raleigh's property tax rates and bills can provide a unique financial landscape for its residents.
Average Raleigh Tax Bill
$2,703
Average Durham County Tax Bill
$2,770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Raleigh, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27613 | $2,003 | $2,297 | $2,394 | $3,311 | $4,434 |
| 27617 | $2,641 | $2,663 | $2,819 | $4,981 | $5,702 |
Source: Ownwell