Wake Forest, North Carolina Property Taxes
The median property tax rate in Wake Forest, NC is 0.41%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $493,300 in Wake Forest, the typical annual property tax bill amounts to $2,027, which is below the national median of $2,690. Property taxes in Wake Forest 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 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
0.41%
Estimate Property Tax Bill
$2,023
Ownwell’s Wake Forest Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with a quick and easy way to estimate their annual property taxes in Wake Forest. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Wake Forest to give you an estimated property tax bill. This valuable tool helps you gain a clearer understanding of your potential tax liabilities. For those looking to dive deeper into neighborhood-specific trends, more localized information is available further down the page. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Wake Forest, North Carolina
Property taxes in Wake Forest, 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 Wake Forest is 0.41%, which is significantly lower 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 both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Wake Forest 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 Wake Forest Tax Rate
0.41%
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 Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | 0.40% | 0.41% | 0.41% | 0.42% | 0.42% |
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 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. 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 Wake Forest are both $2,027, found in the zip code 27587.
Property Tax Assessment Values Across Wake Forest, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Wake Forest Assessed Value
$493,300
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 Wake Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $457,140 | $470,700 | $493,300 | $515,900 | $529,460 |
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. The assessed value is determined by the local tax assessor and reflects a percentage of the property's market value. Homeowners in Wake Forest, located in Avery County, can expect their property tax bills to vary depending on several factors, including the assessed value of their property and the local tax rate. For instance, the median home price in Wake Forest is $493,300. Property tax bills in this area typically range from $1,963 at the 25th percentile to $2,129 at the 90th percentile. The median tax bill stands at $2,027, which is relatively close to the national median property tax rate of 0.99%. This can have a significant impact on homeowners, influencing their annual budgeting and overall financial planning. Understanding how these factors interplay helps homeowners anticipate their tax liabilities and manage their finances more effectively.
Average Wake Forest Tax Bill
$2,027
Average Avery County Tax Bill
$540
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 | $1,925 | $1,963 | $2,027 | $2,090 | $2,129 |
Source: Ownwell