Tuesday, September 2, 2008

Where does NC Rank in Property Tax

Just as the housing boom has worn thin, property taxes are catching up with the one-third rise in the median value of all homes since 2000.
Property taxes -- the principal source of revenue for cities, counties and school districts -- are calculated by multiplying the nominal property-tax rate by the assessment ratio (the percentage of the value of the property that is taxed) by the value of the property. A USA Today analysis in 2006 said property taxes now consume a greater share of income (3.4%) than at any time since 1992.
Facing rebellious homeowners, at least 10 states cut property taxes in 2006, often counting on additional income and sales taxes to make up the difference.

I found that North Carolina Ranks as followed in calculating property taxes:

Median Tax-$966


Median Value-$127,600

Tax As % of Home Value-0.76


Median Owner Income-



Tax as % Of Income-1.91 %

The figures above are for property taxes paid by households on owner-occupied housing. As a result, they exclude property taxes paid by businesses, renters and others.

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