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Pam Michel
Broker, GRI, ABR

252-637-8819
pmichel@suddenlink.net
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Pam Michel
Broker, GRI, ABR

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252-637-8819
pmichel@
suddenlink.net
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TAXES

Individual Income Taxes:

The basis is your federal net taxable income with certain adjustments. Social Security benefits, interest on obligations of the US, interest on obligations of NC are exempt from NC State Income Tax. Benefits received by retirees of the state of NC and its local governments are exempt. Benefits of retirees of the US Government (including military) are exempt IF the retiree had five or more years of service as of August 12, 1989. The Estate Tax has been repealed.

Standard deductions range from $7,500 to $15,000.

Mortgage interest deduction and property taxes combined are limited to $20,000.

State income tax rates for 2014 are: 5.80%.

State income tax rates for 2015 are: 5.75%.

Corporate income tax rates for 2014 are: 6%.

Corporate income tax rates for 2015 are: 5%.

Sales tax is: 6.75% in most counties.

New Bern Area Real Estate Tax Rates:

Per $100 of value:  Craven County $.4675;  City of New Bern $.41;  Bridgeton $.50;  Havelock $.465; 
River Bend $ .265;  Trent Woods $.17;  Jones County $.80 and Pollocksville $.33.

Craven County  $468.00
City of New Bern*  $878.00
Bridgeton*  $968.00
Havelock*  $933.00
River Bend*  $733.00
Trent Woods*  $638.00
Jones County  $800.00
Pollocksville*  $1,130.00

* Represents County and City Taxes.

There are no “school taxes” in addition to the above real estate taxes.

Homes are not generally re-evaluated at the time of sale. Homes are currently re-evaluated every 8 years in Craven County. Our next evaluation is expected to be 2018.

This information is believed to be accurate. Please direct any specific questions regarding taxes to an accountant. I will be happy to provide the names of several you can call.             1/14