Wake Forest, North Carolina Property Taxes
The median property tax rate in Wake Forest, NC is 0.92%, slightly lower than the national median of 0.99% but higher than North Carolina's state median of 0.82%. With a median home value of $279,244 in Wake Forest, the typical annual property tax bill amounts to $2,510, which is below the national median of $2,690. Property taxes in Wake Forest are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Wake Forest's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in the heart of Wake Forest or another part of the city, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Wake Forest, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,569
Ownwell’s Wake Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wake Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wake Forest 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 Wake Forest, North Carolina
Property taxes in Wake Forest, North Carolina, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wake Forest is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Wake Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wake Forest 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 Wake Forest's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27587 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Wake Forest provides valuable insights into the varying tax landscape across Granville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wake Forest Tax Rate
0.92%
Average Granville County Tax Rate
1.00%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | 0.90% | 0.90% | 0.92% | 0.96% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Wake Forest, North Carolina
In Wake Forest, 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 Granville 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 Wake Forest, 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 Wake Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 27587, where the median tax bill is $2,510.
Property Tax Assessment Values Across Wake Forest, North Carolina
Source: Ownwell
$56,307
$184,729
$313,151
Average Wake Forest Assessed Value
$279,244
Average Granville County Assessed Value
$137,588
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $73,091 | $140,238 | $279,244 | $380,198 | $461,062 |
Source: Ownwell
Property Tax Bills Across Wake Forest, North Carolina
In Wake Forest, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $279,244 in Wake Forest, homeowners can expect a tax bill that varies significantly depending on their property's assessed value. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in the 25th percentile see tax bills around $1,306, while those in the 75th percentile face bills approximately $3,422. The top 10% of properties have tax bills nearing $4,129. This variability highlights the importance of understanding how property assessments and tax rates impact overall costs. Comparatively, Wake Forest's property tax rates and bills can be higher than the national median property tax rate of 0.99%, affecting homeowners' financial planning and long-term investment in their properties.
Average Wake Forest Tax Bill
$2,510
Average Granville County Tax Bill
$1,476
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $731 | $1,306 | $2,510 | $3,422 | $4,129 |
Source: Ownwell