Property Taxes in Wake Forest, North Carolina
Median Wake Forest, North Carolina effective property tax rate: 0.98%, significantly lower than the national median of 1.02%, and higher than the North Carolina state median of 0.81%.
Median Wake Forest, North Carolina home value: $420,160
Median annual Wake Forest, North Carolina tax bill: $3,874, $1,474 higher than the national median property tax bill of $2,400.
How are property taxes in Franklin calculated?
Property taxes in Wake Forest, North Carolina 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 April 13, 2026
How Does the Wake Forest Property Tax Calculator Work?
Use this Wake Forest property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Wake Forest's median effective tax rate of 0.98% — based on actual property records in Franklin County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Wake Forest's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Wake Forest: rates range from 0.98% in 27587 to 0.98% in 27587, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Wake Forest.
About Wake Forest Property Taxes
About Property Taxes in Wake Forest, Franklin, NC
Wake Forest’s median effective property tax rate of 0.98% is lower than the North Carolina state median of 0.81% and lower than the national median of 1.02%. This rate reflects the Franklin County base levy combined with local school district levies and special assessment districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Wake Forest. Homeowners in the 27587 ZIP code carry a median effective rate of 0.98%, while those in the lowest ZIP also pay 0.98%. This spread reflects how school district boundaries and local assessment districts are drawn across Franklin County. Understanding which part of Wake Forest you live in can make a meaningful difference to your annual tax bill.
Wake Forest homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the May 31, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Wake Forest, Franklin County, North Carolina
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because 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.
Property Tax Rates Across Wake Forest, Franklin County, North Carolina
Source: Ownwell
0.62%
0.80%
0.98%
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
0.98%
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 Franklin County Tax Rate
0.62%
Median Effective North Carolina Tax Rate
0.81%
Median Effective United States Tax Rate
1.27%
Property Tax Rates Across Wake Forest, Franklin County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | 0.61% | 0.63% | 0.98% | 0.98% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina
When examining property taxes in Wake Forest, North Carolina, 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 May.
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 $420,160, with tax bills ranging significantly across the county. 27587 has the highest median home price at $420,160.
Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina
Source: Ownwell
$111,850
$266,005
$420,160
Median Wake Forest Market Value
$420,160
Median Franklin County Market Value
$285,020
Median North Carolina Market Value
$221,500
Median United States Market Value
$274,101
Property Tax Assessment Values Across Wake Forest, Franklin County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $319,130 | $362,585 | $420,160 | $508,270 | $645,464 |
Source: Ownwell
Property Tax Bills Across Wake Forest, Franklin County, North Carolina
Property tax bills in Wake Forest are based on the assessed value of a home and the local tax rate set by Franklin County and other taxing authorities. When a property is valued, that assessment is used to calculate the amount owed each year, so changes in market value can affect the bill.
For Wake Forest homeowners, the median home price is $420,160, and the median tax bill is $3,874 in ZIP code 27587. That is higher than the national median property tax bill of $2,400 and above the national median property tax rate of 1.02%. Bills in the area can vary widely, with the 25th percentile at $3,382, the 75th percentile at $4,278, and the 90th percentile at $4,850.
Because property taxes are tied to assessed value, homeowners with higher-valued homes generally pay more. This makes it important to understand how your home is assessed and how local tax rates are applied.
Property Tax Bills Across Wake Forest, Franklin County, North Carolina
Source: Ownwell
$677
$2,276
$3,874
Median Wake Forest Tax Bill
$3,874
Median Franklin County Tax Bill
$1,804
Median North Carolina Tax Bill
$1,813
Median United States Tax Bill
$3,209
Property Tax Bills Across Wake Forest, Franklin County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27587 | $2,459 | $3,382 | $3,874 | $4,278 | $4,850 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | May 31 |
Links | |
|---|---|
| Franklin Tax Assessor | |
| Website | www.franklincountytax.us |