Wake Forest, North Carolina Property Taxes
The median property tax rate in Wake Forest, NC is 1.33%, 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 $245,650, the typical annual property tax bill reaches $3,108, 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
1.33%
Estimate Property Tax Bill
$3,267
-$34,240
Ownwell’s Wake Forest Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Wake Forest using just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Wake Forest to provide an estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities. For those interested in neighborhood-level trends, scroll down for more detailed information. Your property's assessed value is determined by the county for tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Wake Forest, North Carolina
Property taxes in Wake Forest, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wake Forest is 1.33%, 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 1.33%, while the same 27587 zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Wake Forest provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wake Forest Tax Rate
1.33%
Average Franklin County Tax Rate
0.94%
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% | 0.94% | 1.33% | 1.34% | 1.35% |
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 Franklin 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 $3,108 in zip code 27587.
Property Tax Assessment Values Across Wake Forest, North Carolina
Source: Ownwell
$7,500
$126,575
$245,650
Average Wake Forest Assessed Value
$245,650
Average Franklin County Assessed Value
$157,340
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 | $169,820 | $205,290 | $245,650 | $282,300 | $372,354 |
Source: Ownwell
Property Tax Bills Across Wake Forest, North Carolina
In Wake Forest, located in Franklin County, NC, property tax bills are calculated based on the assessed value of a home and the local property tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Wake Forest, the median home price is $245,650. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,691 and the 75th percentile at $3,516. The 90th percentile tax bill reaches up to $3,840. The highest and lowest median tax bills in the area are both $3,108, highlighting a relatively consistent tax burden across different properties. These property taxes fund essential local services, such as schools, public safety, and infrastructure. While the property tax rate in Wake Forest may be higher than the national median of 0.99%, it ensures that residents benefit from well-maintained community resources and services.
Average Wake Forest Tax Bill
$3,108
Average Franklin County Tax Bill
$1,492
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 | $1,828 | $2,691 | $3,108 | $3,516 | $3,840 |
Source: Ownwell