![]() In addition to looking at the total tax picture, it’s informative to examine the specific kinds of taxes states use. In the immediate region, only Virginia has higher per capita and per income tax rates. Based on per capita and per income measures, North Carolina has higher taxes than the neighboring states of South Carolina, Tennessee, Georgia and Florida. It’s also important to compare North Carolina taxes to other states in the immediate region. ![]() Hence, North Carolina ranks near the lower one-third of states on the relative size of taxes. North Carolina ranks 32nd among all states for total state and local taxes per capita, and it ranks 31st for the percentage of total income taken by state and local taxes. ![]() Total taxes include taxes paid to the state government as well as taxes paid to all local governments in that state. The relative size of taxes in any state is captured by two measures: total taxes per capita (total taxes divided by population), and total taxes as a percentage of total income earned in the state. Let’s begin by looking at the big picture. Since it takes time to compile and publish government data, most of the information cited in the 2023 edition of Facts and Figures is from 2020, 2021 or 2022. Of course, my focus here will be on North Carolina’s taxes. But if you want to look at the taxes of states, and especially to compare both the level and types of taxes among states, then Facts and Figures is an indispensable resource. I realize that for non-economists, reading about taxes is not their best form of enjoyment. I think I heard my wife respond with, “Knock yourself out.” Instead, I was excited because the latest Facts and Figures from the Tax Foundation was just released. “Just for your information,” I quickly responded, “the Reds did win last night.” But that wasn’t why I shouted. “Did your Cincinnati Reds finally win a game?” My wife – who was born in New York – sometimes takes joy in reminding me how bad my hometown professional baseball team has performed in recent years. ![]() Each taxing entity will develop a rate as part of their budget process which will be finalized in June 2021.Ĭalculating property tax liability will vary slightly, depending on the fire district in which the property resides.A couple of days ago my wife heard an enthusiastic “Yippee!” from my home office. For example, a property residing within the City of Hendersonville will receive two tax bills: one for Henderson County and a separate bill from the City of Hendersonville.Įach taxing entity within the County determines its own budget and tax rate. Both rates will be totaled to calculate the tax liability due.įor those entities that Henderson County does not bill and collect for, two separate tax bills will be received by the property owner: the tax bill for Henderson County and the tax bill for the entity that the County does not bill and collect for. For example, a property residing within the Fire District of Valley Hill will have two separate tax rates represented on the tax bill (the County tax rate and the Valley Hill Fire District rate). Property tax collected by these municipalities are based on valuations provided by the County Assessor.įor those entities that Henderson County does bill and collect for, the tax liability is a combination of tax rates for each applicable entity. The other municipalities (City of Hendersonville, Town of Fletcher, Village of Flat Rock, Town of Laurel Park and the Town of Mills River) bill and collect property taxes on behalf of their citizens. To streamline billing and collection processes, Henderson County bills and collects property taxes on behalf of all volunteer fire departments and for the portion of the Town of Saluda that lies within Henderson County. Henderson County does not keep all property tax dollars collected. In FY2020, property tax represented 57.73% of Henderson County revenues. In North Carolina, property tax is the primary source of revenue for local governments. Pursuant to North Carolina law, property is appraised at 100% of fair market value. Courts / Clerk of Superior Court (North Carolina Court System).
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