Raleigh, North Carolina Property Taxes
The median property tax rate in Raleigh, NC is 1.10%, considerably 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 at $274,892, the typical annual property tax bill reaches $2,834, 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
1.1%
Estimate Property Tax Bill
$3,024
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raleigh is 1.10%, 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 27610 zip code has the highest median property tax rate of 1.10%, while the 27603 zip code has the lowest median tax rate of 0.79%. Understanding how these areas compare with Raleigh provides valuable insights into the varying tax landscape across Wake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raleigh Tax Rate
1.10%
Average Wake County Tax Rate
1.10%
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 |
|---|---|---|---|---|---|
| 27601 | 1.09% | 1.09% | 1.10% | 1.10% | 1.17% |
| 27603 | 0.78% | 0.79% | 0.79% | 1.10% | 1.17% |
| 27604 | 0.79% | 1.10% | 1.10% | 1.10% | 1.10% |
| 27605 | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
| 27606 | 0.78% | 0.79% | 1.10% | 1.10% | 1.11% |
| 27607 | 0.79% | 1.09% | 1.09% | 1.10% | 1.10% |
| 27608 | 1.09% | 1.09% | 1.09% | 1.09% | 1.10% |
| 27609 | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
| 27610 | 0.79% | 1.10% | 1.10% | 1.10% | 1.11% |
| 27612 | 1.09% | 1.09% | 1.10% | 1.10% | 1.10% |
| 27613 | 0.78% | 0.78% | 1.09% | 1.10% | 1.10% |
| 27614 | 0.78% | 0.78% | 1.09% | 1.10% | 1.10% |
| 27615 | 0.78% | 1.09% | 1.10% | 1.10% | 1.10% |
| 27616 | 0.79% | 1.10% | 1.10% | 1.10% | 1.10% |
| 27617 | 1.09% | 1.10% | 1.10% | 1.10% | 1.10% |
| 27690 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
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 Wake County 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. For instance, the zip code 27608 has the highest median tax bill at $6,670, while the zip code 27610 has the lowest at $2,024. Being aware of these valuation processes in Raleigh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Raleigh, North Carolina
Source: Ownwell
$174,058
$394,571
$615,084
Average Raleigh Assessed Value
$274,892
Average Wake County Assessed Value
$302,078
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 |
|---|---|---|---|---|---|
| 27601 | $171,775 | $238,619 | $352,009 | $458,139 | $599,507 |
| 27603 | $143,102 | $186,449 | $247,891 | $337,196 | $430,169 |
| 27604 | $143,309 | $173,474 | $207,346 | $271,412 | $390,036 |
| 27605 | $161,344 | $211,421 | $298,199 | $590,539 | $836,897 |
| 27606 | $123,175 | $174,992 | $267,227 | $386,956 | $540,095 |
| 27607 | $246,980 | $338,828 | $425,482 | $615,486 | $906,193 |
| 27608 | $323,260 | $427,576 | $615,084 | $857,770 | $1,163,963 |
| 27609 | $165,928 | $233,263 | $329,726 | $490,310 | $876,220 |
| 27610 | $129,895 | $154,777 | $189,673 | $228,837 | $289,889 |
| 27612 | $193,048 | $262,246 | $343,304 | $462,439 | $686,172 |
| 27613 | $206,968 | $269,175 | $363,108 | $456,582 | $591,200 |
| 27614 | $212,152 | $291,552 | $405,998 | $529,166 | $814,475 |
| 27615 | $174,088 | $245,142 | $325,298 | $446,940 | $617,687 |
| 27616 | $166,349 | $186,977 | $232,302 | $280,060 | $327,526 |
| 27617 | $201,594 | $235,748 | $297,782 | $380,018 | $572,820 |
| 27690 | $305,620 | $305,620 | $305,620 | $305,620 | $305,620 |
Source: Ownwell
Property Tax Bills Across Raleigh, North Carolina
In Raleigh, located in Wake County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the market value of the property, any improvements made, and comparable property values in the area. For homeowners in Raleigh, the median home price is $274,892. Property tax bills can vary significantly, with the 25th percentile at $2,045 and the 75th percentile at $4,035. At the higher end, the 90th percentile reaches $5,867. Notably, the highest median tax bill in the area is $6,670 in the 27608 zip code, while the lowest is $2,024 in the 27610 zip code. These property taxes can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Raleigh's property tax rates reflect the region's specific economic conditions and property values.
Average Raleigh Tax Bill
$2,834
Average Wake County Tax Bill
$3,098
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 |
|---|---|---|---|---|---|
| 27601 | $1,758 | $2,461 | $3,921 | $5,043 | $6,494 |
| 27603 | $1,226 | $1,663 | $2,278 | $3,141 | $4,312 |
| 27604 | $1,426 | $1,831 | $2,199 | $2,886 | $4,040 |
| 27605 | $1,779 | $2,331 | $3,267 | $6,441 | $9,072 |
| 27606 | $1,307 | $1,864 | $2,695 | $3,571 | $4,729 |
| 27607 | $2,482 | $3,380 | $4,527 | $6,637 | $9,841 |
| 27608 | $3,457 | $4,622 | $6,670 | $9,288 | $12,568 |
| 27609 | $1,774 | $2,432 | $3,539 | $5,303 | $9,455 |
| 27610 | $1,277 | $1,635 | $2,024 | $2,449 | $2,961 |
| 27612 | $1,966 | $2,805 | $3,700 | $4,969 | $7,368 |
| 27613 | $2,172 | $2,662 | $3,336 | $4,226 | $5,546 |
| 27614 | $2,128 | $2,894 | $3,908 | $5,060 | $6,829 |
| 27615 | $1,785 | $2,572 | $3,384 | $4,402 | $6,219 |
| 27616 | $1,597 | $1,988 | $2,488 | $2,998 | $3,466 |
| 27617 | $2,157 | $2,577 | $3,250 | $4,143 | $6,231 |
| 27690 | $3,351 | $3,351 | $3,351 | $3,351 | $3,351 |
Source: Ownwell