Wake Forest, North Carolina Property Taxes
The median property tax rate in Wake Forest, NC is 0.91%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Wake Forest, the typical annual property tax bill reaches $7,951, significantly 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
0.91%
Estimate Property Tax Bill
$7,962
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 such as public schools, road maintenance, and emergency services. The median tax rate in Wake Forest is 0.91%, which is slightly 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 zip code 27587 has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Wake Forest provides valuable insights into the varying tax landscape across Durham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wake Forest Tax Rate
0.91%
Average Durham County Tax Rate
1.31%
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 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
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 Durham 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. The median home price in Wake Forest is $874,961, with the highest and lowest median tax bills both being $7,951 in the 27587 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wake Forest, North Carolina
Source: Ownwell
$164,928
$519,945
$874,961
Average Wake Forest Assessed Value
$874,961
Average Durham County Assessed Value
$220,810
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 | $874,961 | $874,961 | $874,961 | $874,961 | $874,961 |
Source: Ownwell
Property Tax Bills Across Wake Forest, North Carolina
Property tax bills in Wake Forest, located in Durham County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Wake Forest, the median home price is $874,961, and the property tax rate is reflective of this higher market value. For homeowners in Wake Forest, the tax bill can vary, but the 25th, 75th, and 90th percentiles all report a tax bill of $7,951. This uniformity suggests a relatively stable property tax environment within the area. Compared to the national median property tax rate of 0.99%, Wake Forest's tax bills are significantly higher, reflecting the higher property values in this region. These property taxes fund local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Wake Forest Tax Bill
$7,951
Average Durham County Tax Bill
$2,770
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 | $7,951 | $7,951 | $7,951 | $7,951 | $7,951 |
Source: Ownwell