Taxes in North Carolina versus Taxes in the Northeast
TOP PLACES TO LIVE IN NORTH CAROLINA
Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.” This is a very true statement, but what he doesn’t say is that you can choose how much you pay in taxes each year. Why pay more property tax on your home than you need to?
One of the many perks of relocating to North Carolina from the Northeast, other than the mild tropical weather and home affordability, is lower property taxes. These are three leading attributes that have gained a name for Wilmington as one of the top places to live in North Carolina. It is widely known that states in the Northeast tend to pay higher taxes than states in the Southeast, but exactly how much more?
According to Tax-rates.org, North Carolina has one of the lowest median property tax rates in the nation, ranked 36th, with a median property tax of $1,209 per year for a home with a median value of $155,500. Compass Pointe’s home, Brunswick County, has even lower median property taxes than the state median, at $933 per year. The counties of North Carolina collect an average of 0.78% of a property’s assessed fair market value in property taxes per year, 31st out of the 50 states. We can compare that to 1.23% of a property’s assessed fair market value in New York and 1.89% in New Jersey. It’s reasonable to conclude that North Carolina coastal communities like Compass Pointe, a tropical resort-style community in Wilmington, benefit from the Baby Boomer trend of folks searching for lower cost of living places to live at retirement.
Markets where we see a large migration south are New York and New Jersey and here’s why. New York is ranked as the 4th highest out of the 50 states for median property taxes in the country, and it has the two counties with the highest median property taxes in the country, Westchester and Nassau respectively. New York is also ranked 6th highest for property taxes as a percentage of median income, and is ranked 17th highest for taxes paid as a percentage of median property value. Meanwhile, North Carolina is ranked 34th out of 50 for property taxes paid as a percentage of median income. Low taxes make Wilmington one of the top places to live in North Carolina.
New Jersey is ranked as having the highest median property taxes, highest taxes as a percentage of income and highest taxes as a percentage of property value in the country. The median property tax amount for New Jersey property owners is $6,579 per year. Overall, North Carolina is ranked significantly lower than both New York and New Jersey when it comes to property tax statistics.
People relocating to North Carolina coastal communities from the Northeast for many reasons, one of the major reasons being the lower property tax rates. So why not pay less for your dream lifestyle? Living on the coast of North Carolina has never been easier or more affordable, and your relaxed lifestyle will be an additional perk.
If you’re searching a happy place to call home, Compass Pointe might be just right for you. In fact, the tropical resort-style community won Real Estate Scorecard’s 2015 Bliss Award for Happiest Community of the Year based on positive feedback from property owner reviews. Compass Pointe is the place to meet award winning custom home builders in Wilmington NC and explore the latest in home building designs. We believe the best way to experience a community close up is by accessing the community’s Discovery Package. This provides VIP access to events you wouldn’t have otherwise.
Contact Compass Pointe direct at 888.717.6468 for more information.