Rich Square, North Carolina Property Taxes
The median property tax rate in Rich Square, NC is 0.90%, slightly below the national median of 0.99% but higher than North Carolina's state median of 0.82%. With a median home value of $103,588 in Rich Square, the typical annual property tax bill is $935, significantly lower than the national median of $2,690. Property taxes in Rich Square are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Rich Square'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 Rich Square 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
Rich Square, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$932
Ownwell’s Rich Square Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Rich Square. By simply inputting your property's estimated assessed value, the calculator applies the median tax rate specific to Rich Square, providing a clear estimate of your property tax bill. This tool helps you gain a better understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Rich Square, North Carolina
Property taxes in Rich Square, 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 Rich Square is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Rich Square set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rich Square 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 Rich Square's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27869 zip code has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Rich Square provides valuable insights into the varying tax landscape across Bertie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rich Square Tax Rate
0.90%
Average Bertie County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | 0.89% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Rich Square, North Carolina
In Rich Square, 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 Bertie 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. In Rich Square, 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. 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 Rich Square helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $935 in the 27869 zip code, which is also the lowest, highlighting a uniformity in tax burdens across the region.
Property Tax Assessment Values Across Rich Square, North Carolina
Source: Ownwell
$39,976
$71,782
$103,588
Average Rich Square Assessed Value
$103,588
Average Bertie County Assessed Value
$56,495
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | $73,316 | $90,941 | $103,588 | $148,876 | $173,430 |
Source: Ownwell
Property Tax Bills Across Rich Square, North Carolina
In Rich Square, located in Bertie County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The median home price in Rich Square is $103,588. The local tax rate, although not explicitly stated, can be inferred from the range of tax bills. For instance, homeowners at the 25th percentile pay around $821, while those at the 75th percentile face a tax bill of approximately $1303. At the 90th percentile, the tax bill can go up to $1565. These tax bills are influenced by the assessed property value, which may differ from the market value. Homeowners in Rich Square experience property tax rates that can be compared to the national median property tax rate of 0.99%. This ensures that property taxes remain a significant, yet manageable, component of homeownership costs in the area. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Rich Square Tax Bill
$935
Average Bertie County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | $662 | $821 | $935 | $1,303 | $1,565 |
Source: Ownwell