Taxes
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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 year15-16 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

Raleigh: 6.75% 

 

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: $0.4183

Wake County: $0.6005

Combined Rate: $1.0188

 

 

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

 

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LaunchRaleigh RT @exitevent: New North Carolina distillery plans to be largest craft vodka distiller in NC by year's end! https://t.co/8aDktxegX1
LaunchRaleigh RT @NCStateEI: Seeing red: @NCState forges startup path in the Triangle 🐾🐺https://t.co/gJOgTBaEAi