What are the benefits of moving to North Carolina? - 2023 (2023)

FAQs

What are the benefits of moving to North Carolina? ›

In North Carolina, there is no tax on Social Security Income, income taxes have been lowered a flat rate (and that rate has been decreasing), there is no State Estate Tax, and a low corporate income tax.

Average Cost of Living in North Carolina: $38,295 per year

North Carolina residents will find that they aren't spending drastically more or less than they would in other states.

Raleigh is one of the best places to live in North Carolina and some are calling it the best place to live in the country - In Bankrate's recent article they give Raleigh the honor of being the best place to live in the entire country!

West of Greensboro in Forsyth County you'll find Winston-Salem, North Carolina. Full of historic museums and homes to explore, Winston-Salem also ranks number one on our list for the lowest rate of nonviolent crime and sixth for violent crime and overall safety.

Senior Citizens / Disabled

North Carolina excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents aged 65 or older or totally and permanently disabled whose 2022 income does not exceed $33,800 annually.

Short Description: Under this program, taxes for each year are limited to a percentage of the qualifying owner's income. A qualifying owner must either be at least 65 years of age or be totally and permanently disabled.

The property tax in North Carolina is a locally assessed tax, collected by the counties. The N.C. Department of Revenue does not send property tax bills or collect property taxes. For almost all the segments of the property tax, January 1 is the tax lien date.

How much money do I need to live comfortably in NC? ›

Under North Carolina law, to qualify for in-state residency, you must show that you: Have established your legal residence (domicile) in North Carolina, and. Have maintained that domicile for at least twelve (12) consecutive months before the beginning of the term, and.

Electric rates in North Carolina

The average residential electricity rate in North Carolina is 12 ¢/kWh, which is 46% lower than the national average rate of 23 ¢/kWh.

Pinehurst

Located in Moore County, Pinehurst has a population of 15,124 and a crime rate of 903 per 100,000 people making this city 66% safer than the North Carolina average. In 2020 there were a total of 152 crimes, 19 of which were violent and 133 were property crimes.

One of the most beautiful places in North Carolina, Asheville is a great town for nature lovers. Situated in the middle of the Blue Ridge Mountains, Asheville is also famous for its awesome breweries and draft beers. The Asheville average home price is $349,800, which is fairly affordable for such a beautiful place.

Chapel Hill is synonymous with higher education and one of the cheapest places to live in North Carolina. Despite its small-town, southern charm, Chapel Hill is still a college town with plenty of pubs, restaurants, and cultural hotspots.

Ranking in the Top 3 overall, Fayetteville is the fastest-growing city in North Carolina and one of the fastest-growing in America. From 2016 to 2021, the population of Fayetteville's metropolitan area grew 37.9% from 380,389 to 524,588. The unemployment rate also dropped from 6.3% in 2016 to 5.5% in 2021.

What is the largest employer in North Carolina? ›

​​​​​​​​​​​​​​​Within 60 days of establishing a permanent residence in North Carolina, new residents who plan to operate a motor vehicle must get a North Carolina driver license and title and register their vehicles with the N.C. Division of Motor Vehicles.

In layman's terms, North Carolina law says that a person who wishes to be classified as an in-state resident for tuition purposes must have lived in North Carolina for at least one calendar year AND show intent to maintain permanent legal residence in North Carolina.

Do drivers moving to North Carolina have to retake the written test again? Yes, when you move to North Carolina you'll need to pass the written test when you transfer your out-of-state license.

One payment – made either in person, online or by mail completes the annual tag and tax payments for your vehicle. Now, your annual vehicle inspection, registration renewal and property tax are all due the same month each year.

​​​​North Carolina property tax law requires counties to assess the value of motor vehicles registered with the N.C. Division of Motor Vehicles. As part of NCDMV's Tag & Tax Together program, the vehicle owner pays the property tax at the same time as the vehicle's registration renewal fee.

Iowa. This state topped the list from MoneyRates, tied with West Virginia, scoring points for nursing care capacity, a strong economy, and a low crime rate. Social security benefits are not taxed by the state, and beginning in 2023, retirement income is exempt for taxpayers over age 55.

One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022.

North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $50,700.

What is not taxed in NC? ›

Electricity, Fuel and Natural Gas, Sales and Use Tax Exemption. Retail sales, as well as the use, storage or consumption of electricity, fuel and piped natural gas sold to a manufacturer are exempt from sales and use tax for use in a manufacturing operation.

North Carolina exempts all Social Security retirement benefits from income taxes. Other forms of retirement income are taxed at the North Carolina flat income tax rate of 4.99%. Other taxes seniors and retirees in North Carolina may have to pay include the state's sales and property taxes, both of which are moderate.

The tax lien or assessment date each year is January 1^st . Taxes are due and payable September 1^st. 2020 taxes are payable without interest through January 5, 2021. An interest charge of 2% will be assessed on 2020 delinquent property tax bills on January 6, 2021.

The median sale price of a home in North Carolina was $360,900 as of May 2022, according to Redfin. This means that half the homes sold in the state were less than that amount, and half were more. It's important to note that values range dramatically depending on where you're looking.

Buying a home in North Carolina will probably cost you less than it would in many other states, according to Redfin data. The median sale price in the state was $345,300 as of October 2022, which is more than $30,000 less than the current national median of $379,100.

Rent in North Carolina is generally more affordable than the national median but it has climbed substantially recently, especially as the state has become more popular to live in. For example, the average rent for a two-bedroom home in Raleigh is $1,558 but the same two-bedroom averages out to be $1,730 in Charlotte.

Is North Carolina a good place to live? Living in North Carolina is a dream—it has a booming business climate, reasonable cost-of-living, and beautiful landscapes across the state. With a population of over 10 million, North Carolina is the ninth largest state in the U.S., and it continues to grow.

Affordability, mild climate, large job market, as well as the convenient location of North Carolina are only some of the reasons why the Tar Heel State is considered to provide younger people with the quality of life they are looking for! Keep reading for the five top reasons why people are moving to North Carolina.