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Friday, November 8, 2024

Analysis: Wake County effective property tax rates were lower than the national average in Q2 2023

Realestate1

Property owners in Wake County paid 0.7% of the value of their homes in property taxes in the second quarter of 2023, which is less than 0.6 times the national average, according to the real estate analysis posted by South Raleigh News.

The median sales price of a Wake County home in the second quarter of 2023 was $450,000, based on data from the 2,292 properties sold during that time. In 2023, the median tax bill for the county was $3,071, which is 0.7% of the median value of the homes that were taxed.

This is 0.6 times lower than the average effective property tax rate of 1.11% in the U.S. in 2023.

The analysis of Wake County real estate data showed homeowners in New Hill and Oxxford Hunt paid the highest rates.

The above article calculates the effective property tax rate for 2023 using estimated inflation values and 2019 tax data provided by the county. In some cases, the actual effective property tax rate may vary slightly.

The following table compares New Hill with some other cities belonging to Wake County by their median effective property tax rate, calculated using sales and property tax data from the second quarter of 2023.

CityQ2 2023 SalesQ2 2023 Median PriceMedian tax 2023Effective tax rate
New Hill2$89,500$3,8834.3%
Oxxford Hunt3$355,000$3,4181%
Morrisville38$516,500$3,9160.8%
Rolesville20$492,500$3,9460.8%
Apex143$520,000$3,5990.7%
Cary312$585,000$4,0110.7%
Raleigh1,103$430,000$2,9060.7%
Wake Forest169$500,000$3,5610.7%
Holly Springs91$505,000$3,6880.7%
Fuquay-Varina109$425,000$2,8480.7%
Birchwood Hills Estates4$575,000$3,9600.7%
Lakeside2$333,250$2,4290.7%
Will-O-Dean Acres4$337,500$2,3430.7%
Heatherbrook3$300,000$1,8770.6%
Garner82$367,500$2,3010.6%
Knightdale55$332,000$2,0380.6%
Wendell40$275,000$1,7400.6%
Angelview4$277,500$1,6350.6%
Colewood Acres4$305,500$1,8290.6%
Zebulon26$372,500$1,8360.5%
Brookhaven2$1,051,000$5,5870.5%
Lake Anne4$665,000$3,1410.5%
Avocet2$597,500$2,8380.5%
El Camino Estates2$280,000$1,5170.5%
Timberlake2$379,500$1,7840.5%
Willow Springs22$335,500$1,7800.5%
Queen Pines2$318,500$1,3540.4%
Riverview North2$322,500$1,2340.4%
Green Acres2$342,500$1,1920.3%

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