update on local taxes

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.