What is the property tax rate?

Property tax rate in North Carolina varies depending on the county in which the property is situated. The tax is based on the assessed value of the property and is determined by the county where the property is located. The general rate of taxation is .81% for residential properties and 4.95% for business properties, but certain counties can set their own rate within guidelines set by North Carolina law. The rate is typically adjusted annually in most counties and may be subject to local tax credits depending on the property. For example, in Mecklenburg County, the rate is set at .821% for residential properties and 4.941% for business properties. Property owners in Mecklenburg County can also receive a tax credit of up to $25,000 if they meet certain requirements. In Wake County, the general rate is .825% for residential properties and 4.946% for business properties. Wake County also offers tax credits to homeowners who qualify, and the amount of the credit depends on the individual’s income and the value of the property. It is important to check with your local tax office to determine the exact rate for the area in which you live, as it can vary based on county. Additionally, the tax rate can be adjusted each year, so it is important to check with your county tax office to make sure you are paying the correct rate.

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