With its stunning scenery, excellent schools, and close proximity to the Research Triangle, Orange County is one of the most sought-after places to reside in North Carolina. However, it is crucial for property owners in Orange County to comprehend the property tax rate and how it contrasts with other state taxes.
For the fiscal year 2021–2022, Orange County’s property tax rate is $0.8625 per $100 of assessed value. The Orange County Board of Commissioners determines this rate, which is used to pay for neighborhood services including roads maintenance, public safety, and schools. The Orange County Tax Assessor’s Office establishes the assessed value of a property based on the property’s appraised value.
It is significant to note that Orange County’s property tax rate is greater than that of certain neighboring counties in North Carolina. For instance, the property tax rate in Chatham County is $0.6242 per $100 of assessed value, compared to $0.7893 in Durham County for the same fiscal year. Therefore, while thinking about buying property in North Carolina, it’s crucial to examine the various counties’ property tax rates.
The state’s sales tax is charged at a rate of 4.75%, which brings us to additional taxes in North Carolina. County and municipal governments, however, are permitted to tack on additional sales taxes, which range from 2% to 2.75%. As a result, North Carolina’s overall sales tax rate can range from 6.75% to 7.5%.
The restaurant tax, often known as the tax on prepared foods and drinks, is 7% in North Carolina. Both takeout orders and food and beverages consumed inside of restaurants are subject to this charge. The addition of a restaurant tax, which can range from 0.5% to 2.5% in various counties and municipalities, should be noted.
Regarding the sales tax on automobiles, North Carolina levies a 3% sales tax on the cost of a vehicle. The 4.75% state sales tax and any extra local sales taxes that might be applicable are in addition to this tax. The maximum sales tax in North Carolina on the purchase of a vehicle is $1,500 because this tax is set at $1,500.
In conclusion, people and property owners in North Carolina should be informed of the state’s various taxes. Orange County’s property tax rate might be greater than in other neighboring counties, but it’s crucial to comprehend the different taxes and how they stack up against those in other parts of the state. Property owners and residents can plan their finances and make decisions based on this information.