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Last Updated: 2015-02-06. The tangible personal property tax is a tax based on the value of the property, commonly referred to as an ad valorem tax. Tangible personal property is the property of individuals and businesses in the city of Richmond. 1  Individual (Vehicle) Personal Property Tax Frequently Asked Questions.
Tax amount varies by county. The median property tax in North Carolina is $1,209.00 per year for a home worth the median value of $155,500.00. Counties in North Carolina collect an average of 0.78% of a property's assesed fair market value as property tax per year. North Carolina has one of the lowest median property tax rates in the United States, with only fourteen states collecting a lower median property tax than North Carolina. North Carolina's median income is $55,928 per year, so the median yearly property tax paid by North Carolina residents amounts to approximately % of their yearly income. North Carolina is ranked 34th of the 50 states for property taxes as a percentage of median income.