North Carolina Tax Data Explorer (2024)

FAQs

How to find the tax value of property in NC? ›

Determine the Assessed Value of the Property: If you do not know the assessed value, you can find it on the property's tax bill or by contacting the county's tax assessor's office. Calculate the Property Tax: Multiply the assessed value by the tax rate to determine the annual property tax amount.

Homestead Property Exclusion / Exemption

The State of North Carolina excludes from property taxes a portion of the appraised value of permanent residents owned and occupied by North Carolina residents aged 65 or older or totally and permanently disabled whose 2023 income does not exceed $36,700 annually.

North Carolina Tax Rates, Collections, and Burdens

North Carolina's tax system ranks 10th overall on our 2023 State Business Tax Climate Index. Each state's tax code is a multifaceted system with many moving parts, and North Carolina is no exception.

Sales Tax Calculation and Formula

Here's how to calculate the sales tax on an item or service: Know the retail price and the sales tax percentage. Divide the sales tax percentage by 100 to get a decimal. Multiply the retail price by the decimal to calculate the sales tax amount.

The highest median property tax bill for 2021 was in Orange County at $3,784, followed by Durham County at $2,696, Wake County at $2,668, Mecklenburg County at $2,489, and Chatham County at $2,431.

The IRS helps taxpayers get forms and publications and answers a wide range of tax questions. The IRS can also help individuals find free tax preparation services.

The DRT is easy, accurate and secure. If your FAFSA is selected for Federal Verification, the tool is the fastest way to confirm your filed tax information. Log in to your current year FAFSA, or start a new FAFSA at fafsa.ed.gov.

They consist of federal income tax, Federal Insurance Contributions Act (FICA) tax (Medicare and Social Security) and state income tax.

North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $55,050.

Who is exempt from property tax in NC? ›

North Carolina General Statute 105-277.1 excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents aged 65 or older, or totally and permanently disabled person, whose income does not exceed the income eligibility limit set on or before July 1 ...

Elderly or Disabled Homestead Exemption

North Carolina allows property tax exclusions for senior adults and disabled individuals. If you qualify, you may receive an exclusion of either $25,000 or 50% of the taxable value of your residence (whichever is greater).

While Greensboro's tax rate of 63.25 cents is the highest of the five respective communities studied, the City's fees are the lowest.

North Carolina has a 4.75 percent state sales tax rate, a max local sales tax rate of 2.75 percent, and an average combined state and local sales tax rate of 6.99 percent. North Carolina's tax system ranks 10th overall on our 2023 State Business Tax Climate Index.

While North Carolina may not rank as the most tax-friendly state when compared to others like Florida, which provides more deductions, or Delaware, with no state or local sales taxes, it compensates with a cost of living that's below the national average, as well as a moderate property and sales tax rate.

Local taxing authorities decide what the property tax rates will be that year in their county. The average tax rate in North Carolina is 0.77%, but they vary between districts.

Specifically, the assessed value is used to calculate property taxes. As a buyer, the assessed value gives you an idea of what you can expect to pay in property taxes each year.

Property taxes are calculated based on the value of the property. This includes both the land and the buildings on it. Tax assessors will typically value the property every one to five years and charge the owner of record the appropriate rate according to the standards set by the taxing authority.