Wake Forest, Franklin County, North Carolina Property Taxes

Name: Property Tax Bills Across Wake Forest, Franklin County, North Carolina
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Wake Forest, NC effective property tax rate: 1.33%, significantly higher than the national median of 1.02%, but lower than the NC state median of 0.82%.
Median Wake Forest, NC home value: $245,650
Median annual Wake Forest, NC tax bill: $3,108, $708 higher than the national median property tax bill of $2,400.

How are property taxes in Franklin County calculated?

Property taxes in Wake Forest, NC are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Wake Forest’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wake Forest, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Wake Forest, Franklin County, North Carolina Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.33%

Estimate Property Tax Bill

$3,267

$3,032

Ownwell’s Wake Forest Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wake Forest with just two data points.

By entering your property's estimated assessed value, our calculator applies Wake Forest’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wake Forest, Franklin County, North Carolina

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Wake Forest’s effective property tax rate to other cities in North Carolina and the median property tax rates in North Carolina and the U.S.

Wake Forest, located in Franklin County, has a property tax rate that aligns with the highest in the region. This rate is notably higher than the national median property tax rate, reflecting the diverse range of tax burdens across the country. Despite the higher rate, it's important to consider the quality of services provided and how they contribute to the local community. Understanding these differences can help property owners make informed decisions about their investments and potential savings through tax appeal or exemption services.

Property Tax Rates Across Wake Forest, Franklin County, North Carolina

Source: Ownwell

0.93%

1.13%

1.33%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Wake Forest Tax Rate

1.33%

Median Effective Franklin County Tax Rate

0.94%

Median Effective North Carolina Tax Rate

0.82%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Wake Forest, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
27587	0.91%	0.94%	1.33%	1.34%	1.35%

Source: Ownwell

Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina

When examining property taxes in Wake Forest, NC, understanding the distinction between "market value" and "assessed value" is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County appraisal district estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Wake Forest.

For example, the median home price in Wake Forest is $245,650, with tax bills ranging significantly across the county. ZIP code 27587 has the highest median home price at $245,650.

Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina

Source: Ownwell

$62,626

$154,138

$245,650

Median Wake Forest Market Value

$245,650

Median Franklin County Market Value

$157,340

Median North Carolina Market Value

$197,136

Median United States Market Value

$235,294

Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
27587	$169,820	$205,290	$245,650	$282,300	$372,354

Source: Ownwell

Property Tax Bills Across Wake Forest, Franklin County, North Carolina

In Wake Forest, located in Franklin County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. With a median home price of $245,650, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is $2,691, while the 75th percentile tax bill reaches $3,516. At the 90th percentile, tax bills can rise to $3,840. The median tax bill in the 27587 zip code stands at $3,108, which is considerably higher than the national median of $2,400. This means that many Wake Forest homeowners pay more in property taxes compared to the national average. Several factors influence these tax bills, including the home's assessed value and any applicable exemptions. Ownwell offers expert property tax appeal services, helping homeowners reduce their tax burdens. By analyzing market values and identifying potential savings, Ownwell ensures that residents of Wake Forest can potentially lower their property tax bills, providing significant financial relief.

Property Tax Bills Across Wake Forest, Franklin County, North Carolina

Source: Ownwell

$497

$1,803

$3,108

Median Wake Forest Tax Bill

$3,108

Median Franklin County Tax Bill

$1,492

Median North Carolina Tax Bill

$1,615

Median United States Tax Bill

$2,400

Property Tax Bills Across Wake Forest, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
27587	$1,828	$2,691	$3,108	$3,516	$3,840

Source: Ownwell