Wake Forest, North Carolina Property Taxes
The median property tax rate in Wake Forest, NC is 1.17%, 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 Wake Forest at $331,294, the typical annual property tax bill reaches $3,436, exceeding the national median of $2,690. Property taxes in Wake Forest 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 Wake Forest'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 Wake Forest 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
Wake Forest, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$3,876
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, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Wake Forest is 1.17%, which is significantly higher than 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 27587 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these figures compare with Wake Forest 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 Wake Forest Tax Rate
1.17%
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 Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | 0.78% | 0.79% | 1.17% | 1.17% | 1.17% |
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 Wake 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 highest and lowest median tax bills in the area are both $3,436, found in the 27587 zip code.
Property Tax Assessment Values Across Wake Forest, North Carolina
Source: Ownwell
$174,058
$394,571
$615,084
Average Wake Forest Assessed Value
$331,294
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 Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $171,962 | $244,343 | $331,294 | $424,318 | $572,106 |
Source: Ownwell
Property Tax Bills Across Wake Forest, North Carolina
In Wake Forest, located in Wake County, 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 property tax rate to determine the tax bill. For instance, the median home price in Wake Forest is $331,294. Homeowners in the 25th percentile can expect a tax bill around $2,410, while those in the 75th percentile might see bills closer to $4,478. At the 90th percentile, tax bills can reach up to $5,456. Several factors influence the assessed value, including the property's location, size, and condition. Comparatively, the highest and lowest median tax bills in the area are both $3,436, indicating a consistent tax rate. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life. Understanding how these factors interplay can help homeowners better anticipate their annual property tax obligations.
Average Wake Forest Tax Bill
$3,436
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 Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $1,595 | $2,410 | $3,436 | $4,478 | $5,456 |
Source: Ownwell