If you’re thinking of flipping houses or maintaining investment real estate in North Carolina, you should know that the state has one of the lowest median property tax rates in the country. Only 14 states have a lower median property tax. On average, North Carolina counties collect an average of 0.78 percent of a properties assessed fair market value. To put this in perspective, the median property tax in North Carolina for a home worth $155,500, is $1,209 each year.
North Carolina’s property tax is “ad valorem.” In other words, it’s based on the value of the real estate property. The property value is determined by the county assessor. Each property has to be revalued at least once during every eight year span. This is how they determine the market value of the property for determining property taxes in North Carolina.
Obviously, the exact tax depends on the county your property is in. The highest property tax in the state is in Orange County and it levies an average of $2,829. Montgomery County levies the lowest property tax, with county property owners paying an average of just $494 a year.
Are You Looking for a Hard Money Loan to Flip a House?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.