update on local taxes
TRANSCRIPT
Review of Local Taxes
Friends of the Downtown
March 26, 2015
Orange County Tax Rates
Code Jurisdiction Rate Cents on $100
GO/MO ORANGE COUNTY 0.008780 $0.88
G1/M1 CARRBORO 0.005894 $0.59
G2/M2 CHAPEL HILL 0.005240 $0.52
G3/M3 HILLSBOROUGH 0.006800 $0.68
/M6 MEBANE 0.004900 $0.49
/M7 DURHAM 0.005912 $0.59
CH CHAPEL HILL/CARRBORO SCHOOL DST 0.002084 $0.21
DR C.H. DOWNTOWN SERVICE DISTRICT 0.000710 $0.07
Source: Orange County Tax Administration
City and Town Tax Rate
0.330.3826
0.494
0.5675
0.675
0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8
Huntersville
Cary
Raleigh
Apex
Asheville
Charlotte
Wilmington
Fayetteville
Concord
Winston-Salem
Chapel Hill
Hickory
Wilson
Greenville
Gastonia
Jacksonville
Monroe
Kannapolis
Durham
Burlington
Rocky Mount
Greensboro
Salisbury
Goldsboro
High Point
NC Department of Revenue
Total of All Jurisdictions Property Tax Rate
0.8640.9166
1.3119
1.45541.5404
0.4 0.6 0.8 1 1.2 1.4 1.6
Cary
Raleigh
Apex
Wilmington
Hickory
Huntersville
Asheville
Burlington
Jacksonville
Winston-Salem
Concord
Fayetteville
Greenville
Monroe
Charlotte
Wilson
Rocky Mount
Salisbury
Kannapolis
Durham
Goldsboro
Gastonia
Greensboro
High Point
Chapel Hill
NC Department of Revenue
Property Taxes on Median House Prices
$1,100.00
$1,604.05
$1,819.25
$2,164.64
$2,224.80 $4,898.47
$0.00 $500.00 $1,000.00 $1,500.00 $2,000.00 $2,500.00 $3,000.00 $3,500.00 $4,000.00 $4,500.00 $5,000.00
Burlington
Kannapolis
Salisbury
Rocky Mount
Hickory
Winston-Salem
Fayetteville
Monroe
Goldsboro
Wilson
Greenville
Gastonia
Jacksonville
Raleigh
Wilmington
Greensboro
High Point
Charlotte
Asheville
Concord
Durham
Apex
Cary
Huntersville
Chapel Hill
NC Department of Revenue and RealEstate.com
2014 Property Taxes by County
2014 Property Taxes By CountyCounty Average 2014 Property Taxes Effective Tax Rate
Orange $5,887.52 1.30%
Mecklenburg $3,014.93 1.08%
Durham $2,611.35 1.18%
Wake $2,431.61 0.85%
New Hanover $2,003.78 0.67%
Guilford $1,992.76 1.07%
Forsyth $1,754.48 1.02%
Cumberland $1,723.82 1.20%
Johnston $1,602.77 0.91%
Lee $993.41 0.68%
Source: RealtyTrac
“Effective tax rate:” the average property tax owed on a single family home in 2014 divided by the average estimated value of a single family home as of the end of 2014
Central Business District
Tax Exempt Properties in CBD
Impact of CBD on Property Tax Revenue
• A parcel of land in the Central Business district generates 5.58 times more annual property tax revenue than an average parcel of equivalent size in Chapel Hill.
• The Central Business District
occupies only .77% of the area
of Chapel Hill, but represents
4.3% of its total property tax base.
Find More Resources
• Find Municipal Revenue Impact Analysis at downtownchapelhill.com/studies.
• Find the Chamber’s State of the Community Report at slideshare.net/carolinachamber.