Real Estate and Property Taxes

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Property values are reassessed every four-to-eight years, depending on the county.Orange, Durham and Wake counties reassess property values every four years.Chatham county has been reassessing property values every eight years. I am often asked how do you calculate real estate property taxes.

Each June, the town and county officials revise the tax rates depending on their budgetary needs.

Property taxes are calculated per $100 of assessed value. For example, if a property’s assessed value is $300,000 and the tax rate is 1.5, the annual taxes are $4,500 or $375 per month ($300,000/$100 x 1.5 = $4,500.

Provided below are links to the county tax offices.

Personal Property Tax

Personal and real property are subject to taxation.Automobile taxes are levied at the time of annual license plate renewals.Local governments charge a personal property tax that is applied to homeowners and renters at the same rate as real estate taxes.Taxable real and personal property must be listed each year, and taxable items include mobile homes, boats and unregistered cars.Homeowners who make improvements to their homes are required to list these changes.Forms are mailed or you can pick one up at the public library.

City tax rates apply to property located within the city limits and are combined with the county rate to find the total property tax rate.Registered vehicles are not listed with personal property, and after you register a vehicle, you will receive a bill due on the first day of the fourth month following registration.

Sales Tax

The state charges a 6.5% sales tax.The exception to this rate includes motor vehicles that are subject to a 3% highway use tax with a minimum tax of $1,500.

County Tax Offices