Hollywood, North Carolina Property Taxes
The median property tax rate in Hollywood, NC is 0.40%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hollywood, the typical annual property tax bill reaches $338, significantly below the national median of $2,690. Property taxes in Hollywood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hollywood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hollywood or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hollywood, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$338
Ownwell’s Hollywood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollywood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollywood to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hollywood, North Carolina
Property taxes in Hollywood, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollywood is 0.40%, which is significantly below the U.S. national median of 0.99%. Local government entities within Hollywood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollywood estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hollywood's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 33020 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these areas compare with Hollywood provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollywood Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollywood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33020 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 33021 | 0.34% | 0.34% | 0.34% | 0.34% | 0.34% |
| 33026 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Hollywood, North Carolina
In Hollywood, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Avery County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the highest median tax bill in Hollywood is $716 in the 33021 zip code, while the lowest median tax bill is $338 in the 33020 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hollywood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hollywood, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Hollywood Assessed Value
$84,400
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollywood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33020 | $61,920 | $70,350 | $84,400 | $98,450 | $106,880 |
| 33021 | $210,500 | $210,500 | $210,500 | $210,500 | $210,500 |
| 33026 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
Source: Ownwell
Property Tax Bills Across Hollywood, North Carolina
Property tax bills in Hollywood, Avery County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's tax assessor and reflects the market value of the property. Homeowners in Hollywood face a property tax rate that is influenced by various factors, including local government budget needs and public service funding requirements. For example, the median home price in Hollywood is $84,400. Homeowners in the 25th percentile of tax bills pay around $173, while those in the 75th percentile pay approximately $517. At the 90th percentile, tax bills can reach up to $636. These figures show a range of property tax burdens, reflecting the diversity in property values and assessments within the city. Compared to the national median property tax rate of 0.99%, Hollywood’s property tax rates can be considered moderate. However, these taxes significantly impact homeowners by contributing to the overall cost of homeownership, influencing decisions on purchasing and maintaining property in the area.
Average Hollywood Tax Bill
$338
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollywood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33020 | $248 | $281 | $338 | $394 | $428 |
| 33021 | $716 | $716 | $716 | $716 | $716 |
| 33026 | $16 | $16 | $16 | $16 | $16 |
Source: Ownwell