People wonder why the Research Triangle & Raleigh area of North Carolina is such a “HOT” place to live, consistently on all the top lists for Best Places to Live, Best Places for New Business, Best Places to Raise Children, etc. etc.
Well, I know I have three strong reasons to live in the Triangle. They are: weather, the friendly people and the cost of living. I was so excited this week to see, yet another, incredible reason to live here – our real estate tax rates are going down!
Back in December, many homeowners were complaining about the new assessments on their properties.
In my opinion, it is always good when your property appreciates and the value goes up. Also, Wake County only assesses our homes once every eight years. How wonderful is that? Many communities up north are assessed every six months. And Wake County's property owners had the right to appeal their new assessmen
ts. I was pleased to see such a nice appreciation of homes in Wake County – for an eight year period an average Wake County property values went up 38%.
And now, they have lowered our rates. I have included the tax chart again so that you can locate your city and the amount for your city taxes, then add that to the Wake County portion (which is .534 for $100 assessed value). If you do NOT live inside the city (on well and septic) you will pay only the Wake County portion (which is .533 cents per $100 assessed value). To make you understand that better, if you own property worth $100,000 in the county with no city taxes, you will pay $534.00 in taxes. If you live inside the city of Apex, you will pay an additional $340.00 in taxes or $874.00 for the year. This chart will show you that the same price house would pay county taxes of $730.00 in 1999 and additional $520.00 in taxes for the city of Apex.
Yes, the value of our land/properties has gone up, but don’t we want it to do that?! I am glad that we don’t have to pay the higher tax rates. And even better, isn’t it nice that our local government is doing well enough that we can get this lower rate for taxes?
Just another good reason, that our Triangle area ranks so high in the standings of Best Places to Live.
Any questions, just give me a call at 919-851-3171.
Beth McKinney
Captain, The Team That Cares, Inc.
RE/MAX UNITED - Cary
Bud & Beth McKinney
919.851.3171
800.251.3171