Taxes
From tax incentives for qualifying businesses to income tax preparation classes, we can help put your business in the position to succeed.

State of North Carolina

The State collects personal and corporate income tax. A brief summary is provided below. For detailed information please visit the North Carolina Department of Revenue.

 

Personal Income Tax

Flat tax rate: 5.75% (2016) / 5.75% (2017)

 

Corporate Income Tax

Only C-corporations and entities that elect to be taxed as C-corporations are subject to the corporate income tax.

Tax rate: 4% (2016) / 3% (2017)

 

For taxable year 2016, if net general fund tax revenues for fiscal year 14-15 equal or exceed $20.2 billion, the rate will drop 1% to 4%. If target not reached, rate remains at 5%. 

For taxable year 2017, if net general fund tax revenues for fiscal year 15-16 equal or exceed $20.975 billion, the rate will drop 1%. If target reached both fiscal years, rate would be 3%. If target reached in only one fiscal year, then rate would be 4%. If target isn't reached in either fiscal year, then the rate remains at 5%.

 

Sales and Use Tax

Combined Rate: 7.25%

State of NC: 4.75%

Wake County: 2% 

Local Transit: 0.5%

 

City of Raleigh

 

There is no local income tax. 

 

The City of Raleigh receives revenues through ad valorem property taxes. The rate is a combination of city and county taxes. Tax rates are calculated against each $100 in value. 

 

Property Tax

 

Raleigh: $0.4253

Wake County: $0.615

Combined Rate: $1.0403

 

In North Carolina, property taxes are locally-assessed and collected by counties. Taxes rates are based on 100% of a property’s assessed value and are applied per $100 of assessed value. Real property taxes can include a combination of county, municipal, fire and special district tax rates. Properties falling within the City of Raleigh’s corporate limits are taxed at a base rate that includes the county and municipal rate. Based on where the subject property falls, a special district rate (Hillsborough St Municipal District,  Raleigh Municipal District) may also apply. 

For a comprehensive list of local taxes visit – www.wakegov.com/tax 

 

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