Raleigh, North Carolina Property Taxes
The median property tax rate in Raleigh, NC is 0.40%, significantly lower 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 $342,100, the typical annual property tax bill is around $1,050, which is well below the national median of $2,690. Property taxes in Raleigh are calculated based on the tax assessed value, which often 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
0.4%
Estimate Property Tax Bill
$1,368
$1,270
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 crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raleigh is 0.40%, lower than 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 27614 zip code has the highest median property tax rate of 0.42%, while the 27613 zip code has the lowest median tax rate of 0.40%. Understanding how these areas compare with Raleigh provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raleigh Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
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 |
|---|---|---|---|---|---|
| 27603 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27606 | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% |
| 27607 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27608 | 0.32% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27609 | 0.26% | 0.29% | 0.32% | 0.36% | 0.38% |
| 27612 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27613 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27614 | 0.40% | 0.41% | 0.42% | 0.42% | 0.42% |
| 27615 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27617 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 27699 | N/A | N/A | N/A | N/A | N/A |
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 Avery 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. 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. Notably, the highest median tax bill is $2,048 in the 27614 zip code, while the lowest median tax bill is $280 in the 27612 zip code.
Property Tax Assessment Values Across Raleigh, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Raleigh Assessed Value
$342,100
Average Avery County Assessed Value
$135,500
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 |
|---|---|---|---|---|---|
| 27603 | $183,200 | $183,200 | $183,200 | $183,200 | $183,200 |
| 27606 | $186,110 | $330,275 | $570,550 | $810,825 | $954,990 |
| 27607 | $342,100 | $342,100 | $342,100 | $342,100 | $342,100 |
| 27608 | $46,440 | $57,900 | $91,200 | $130,500 | $277,500 |
| 27609 | $161,000 | $346,250 | $655,000 | $963,750 | $1,149,000 |
| 27612 | $5,100 | $5,100 | $70,000 | $342,100 | $426,580 |
| 27613 | $372,900 | $372,900 | $372,900 | $372,900 | $372,900 |
| 27614 | $482,900 | $482,900 | $482,900 | $482,900 | $482,900 |
| 27615 | $106,520 | $185,300 | $316,600 | $447,900 | $526,680 |
| 27617 | $225,001 | $225,001 | $225,001 | $225,001 | $225,001 |
| 27699 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Raleigh, North Carolina
In Raleigh, located in Avery County, NC, property tax bills are calculated based on the assessed value of the home and the local tax rate. Homeowners in Raleigh can expect their tax bills to be influenced by the assessed value of their property, which is determined by the county assessor's office. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $342,100 in Raleigh, homeowners might see a range in their tax bills. The 25th percentile tax bill is around $244, while the 75th percentile reaches up to $1,824. The highest median tax bill in the area is $2,048, particularly in the 27614 zip code. Conversely, the lowest median tax bill is $280, found in the 27612 zip code. These property taxes significantly impact homeowners, as they contribute to local services such as schools, infrastructure, and emergency services. Knowing the assessed value and local tax rate helps homeowners better anticipate their annual expenses.
Average Raleigh Tax Bill
$1,050
Average Avery County Tax Bill
$540
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 |
|---|---|---|---|---|---|
| 27603 | $733 | $733 | $733 | $733 | $733 |
| 27606 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
| 27607 | $1,368 | $1,368 | $1,368 | $1,368 | $1,368 |
| 27608 | $186 | $232 | $352 | $365 | $1,047 |
| 27609 | $450 | $900 | $1,650 | $2,400 | $2,850 |
| 27612 | $20 | $20 | $280 | $1,368 | $1,706 |
| 27613 | $1,492 | $1,492 | $1,492 | $1,492 | $1,492 |
| 27614 | $1,955 | $1,990 | $2,048 | $2,048 | $2,048 |
| 27615 | $426 | $741 | $1,266 | $1,792 | $2,107 |
| 27617 | $900 | $900 | $900 | $900 | $900 |
| 27699 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell