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  • NC tax information

    Property Tax






















    Tax Rates in The Carolina's
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                                                                                                                                               Real Estate Taxes


    South Carolina taxes
     on residential real estate can vary quite a bit depending on where you live and if your home is your primary residence, a second home or rental property. For primary residences, taxes paid equal 4% of the fair market value of the home times the local millage rate plus any other local district taxes assessed, such as for fire or police, but with a school district tax credit. Non-primary residence owners pay the local millage on a rate equal to 6% of fair market value plus district taxes and are not exempt from paying school district taxes. Resident homeowners aged 65 and older or disabled can receive a $50,000 exemption against fair market value.

    In North Carolina, residential real estate is also taxed on an ad valorem basis, with each county administering assessments and collections. Rates vary by county and are applied to 100% of assessed value (values are determined by the assessor’s office). As an example, Brunswick County’s current rate is 48.5¢ per $100 of value. On a $350K home, the tax will be $1,570. Municipalities may add additional taxes to this, so you will want to contact the county tax assessor-collector office to determine current rates for a specific area. Homeowners age 65 and older or the disabled who meet certain income limit requirements can receive breaks on their property taxes in North Carolina.

                                                                                                                                          Personal Property Taxes 

    Non-business personal property is exempt from taxes in the Tar Heel State, except for automobiles. Residents receive an annual vehicle tax and registration statement from the state. The amount of the tax varies widely depending on millage rates, but the DMV offers a tax estimator tool on their website. Tax due on a $20,000 automobile in Greenville, for example, would be approximately $270. The Palmetto State also collects personal property taxes on all types of vehicles, boats, and airplanes. Automobiles are taxed at 6% of market value times the local millage rate for personal property.Transfer taxes on the purchase or sale of homes in North and South Carolina are also different. In North Carolina, the transfer tax is $1 per $500 of sale price; however, in a few counties an additional amount (up to $5/$500) can be added. South Carolina imposes a deed recording fee of $1.85 per $500 regardless of county. In both states, the transfer taxes are typically paid by the seller, but terms may vary.



                                                                                                                               Carolina Tax Comparison at a Glance

    NORTH CAROLINA:

    ·         INCOME TAX - Flat rate of 5.75%; no personal exemptions

    ·         CAPITAL GAINS - Top rate of 5.8%

    ·         INTANGIBLES TAX - None

    ·         SALES & USE TAX - Base of 4.75% plus local tax. Average combined rate of 6.9%

    ·         REAL ESTATE TAX - Millage rates vary by county and are applied per $100 of assessed value. 

    ·         TRANSPORTATION - Gasoline tax 34¢/gal; $52 auto title fee 3% Highway Use Tax on vehicles at time of title issue instead of sales tax

    ·         PERSONAL PROPERTY - Vehicle Tag (registration) & Tax paid annually to state; rate varies by county/city and is based on appraised value

    ·         ESTATE / INHERITANCE TAX - None

    SOUTH CAROLINA:

    ·         INCOME TAX - Six brackets ranging from 0% to 7% for income above $14,550; personal exemptions

    ·         CAPITAL GAINS - Top rate of 7% 

    ·         INTANGIBLES TAX - None

    ·         SALES & USE TAX - Base of 6% plus local tax. Average combined rate of 7.13%. Discount of 1% available to those aged 85+.

    ·         REAL ESTATE TAX - Primary residence owners pay 4% of FMV times local millage rate; non-residents pay 6% of FMV times local millage rate plus school district taxes.

    ·         TRANSPORTATION - Gasoline tax 16¢/gal; $15 auto title fee; $20-24 registration every 2 years; sales tax capped at $300 for motor vehicle purchase ($150 for cars coming from out of state)

    ·         PERSONAL PROPERTY - Vehicles are taxed at 6% annually, other property at 10.5% of depreciated value

    ·         ESTATE / INHERITANCE TAX - None

    Sources:

    ·         CarolinaLiving.com

    ·         Bankrate.com> State Taxes

    ·         The State of South Carolina official website

    ·         The South Carolina Department of Revenue

    ·         The State of North Carolina official website

    ·         The North Carolina Department of Revenue

    ·         Ballotpedia > Tax Policies by state

     

     

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    County

     

    2019-2020 Property Tax rate

                                           

    Burke County

    0.695

     

    Cabarrus County

    0.74

     

    Davidson County

    0.54

     

    Iredell County

    0.5275

     

    Mecklenburg County

    0.6169

     

    Union County

    0.7309

     

     



     

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