Corporate Franchise Tax North Carolina levies a franchise tax upon corporations, both domestic and foreign, and upon certain persons and partnerships. The state of North Carolina levies an income tax upon individuals and single proprietor businesses. For more information regarding local tax issues, see the Durham County Tax Department's Web Site . Property Taxes Local property taxes are levied on real estate and tangible personal property. Household property in the personal residence of the owner is exempt from taxation.
Revaluation is conducted once every eight years.
Durham County's last revaluation occurred in 1993. A revaluation is next scheduled for 2001. Because values may change significantly in intervening years, the Effective Tax Rate, which accounts for differences between assessed and true property values, is a more useful tool in predicting a property owner's total tax burden. The book rate should only be used if the 1993 assessed value of the property is known and used in the calculation. County residents outside the city limits are subject to a tax for fire protection services.