Durham County's 10 biggest sources of property tax
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Illustration: Trent Joaquin/Axios
The North Carolina legislature is debating capping property taxes or putting a moratorium on reappraisals this year, and that could be welcome news for some of Durham's major private employers.
Why it matters: The General Assembly's proposed reforms are being framed as ways to keep housing affordable, but the state's largest corporate landowners stand to benefit, too.
Zoom in: Durham County's biggest property owners were almost all tech and pharmaceutical companies in the fiscal year that ended in 2025.
- Wolfspeed: The semiconductor firm is headquartered in Durham, where it makes silicon carbide components for electric vehicles. Wolfspeed declared bankruptcy last year, closed one of its Durham factories, and had mass layoffs. It's discussed offloading some of its land in Research Triangle Park. Total $787 million appraised property value ($5.5 million tax bill).
- Eli Lilly and Co.: The Indiana-based drug maker is a true giant in the pharmaceutical industry, with a market valuation over $1 trillion. Eli Lilly manufactures ingredients for obesity and diabetes drugs at its Durham factory, which is expanding. Total $655 million appraised property value ($4.6 million tax bill).
- Merck Sharp & Dohme Corp.: Merck produces vaccines at its 258-acre campus on Old Oxford Road in north Durham. Headquartered in New Jersey, it's one of the world's largest pharma companies. Total $524 million appraised property value ($3.7 million tax bill).
- Aisin North Carolina Corp.: This auto parts company flies under the radar but reports having 2,000 employees in Durham. The plant, near Merck on Old Oxford Road, makes hybrid transmissions for Toyota. Total $311 million appraised property value ($2.2 million tax bill).
- Duke Energy: The power company owns 100 parcels of land in Durham County. Most of the value is concentrated in a handful of large substations, as well as an operations center on Hillsborough Road. Total $276 million appraised property value ($1.9 million tax bill).
- ARE-NC Region: This subsidiary of California-based Alexandria Real Estate Equities holds more than 800 acres around Research Triangle Park, where it's been investing for nearly three decades. Just under half of the land is vacant, and the rest contains offices and labs. Total $229 million appraised property value ($1.7 million tax bill).
- KBI Biopharma: The RTP-headquartered company has three facilities in Durham. They are involved in cell culturing, drug development and commercial production. Total $227 million appraised property value ($1.7 million tax bill).
- Biogen: Another developer and producer of pharmaceuticals, Biogen is already one of RTP's largest employers and is currently building its eighth manufacturing facility in North Carolina. The company's Wake County footprint is even more valuable than its Durham properties. Total $189 million appraised property value ($1.4 million tax bill).
- Southpoint Mall: The Streets at Southpoint is one of the region's most popular shopping destinations. The 24-year-old mall plans to add apartments and a hotel in the near future. Total $186 million appraised property value ($1.3 million tax bill).
- EMC Corp.: This sprawling data center and research and development facility is now under Dell's ownership. Total $170 million appraised property value ($1.2 million tax bill).
Caveat: Durham completed a reappraisal in 2025, and the new values aren't reflected here. Many of these owners have ongoing appeals of their new valuations.