How To Calculate A Tax Bill
Multiply the applicable county and municipal/district combined
tax rate to the county tax appraisal of the property.
Example 1, Real Property Taxes:
The 2002 county tax rate for Wake county was set by
July 1, 2002 at .63. This means property will be appraised at 63 cents
per $100 value. Property that was to be listed as of January 1, 2002
would be subject to this tax rate. My house market value as of the
last reappraisal was $100,000. The tax rate for the district that
I live in within Wake county is an additional 25 cents per $100 value.
My 2002 taxes would be:
$100,000/100 x .88 = $880
Some counties may add additional fees.
Example 2, Motor Vehicle Taxes:
I live in the same house as described above and the
tag on my car expires in August 2002. The assessor will automatically
send me a bill about 3-4 months after I renew. By North Carolina Statute,
the assessor determines the value as of the January 1 of the year
the taxes are due, so the value is of January 1, 2002. The value is
determined to be $12,000. My 2002 taxes on my car would be:
$12,000/100 x .88 = $105.60, due December 1, 2002
Some counties may add a vehicle fee or other fees.
Note that with motor vehicle taxes, the rates that are in effect
at the time of renewal are the rates used to calculate the taxes.
Last modified on:
10/31/07 03:53:21 PM.