Milton, North Carolina Property Taxes
The median property tax rate in Milton, NC is 0.90%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $78,691 in Milton, the typical annual property tax bill amounts to $719, which is well below the national median of $2,690. Property taxes in Milton are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Milton'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 Milton 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
Milton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$708
Ownwell’s Milton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milton 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 Milton, North Carolina
Property taxes in Milton, 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 Milton is 0.90%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Milton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milton 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 Milton's effective property tax rate to other areas and the national median. For comparison, the zip code 27305 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Milton provides valuable insights into the varying tax landscape across Caswell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milton Tax Rate
0.90%
Average Caswell County Tax Rate
0.87%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27305 | 0.56% | 0.82% | 0.90% | 1.02% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Milton, North Carolina
In Milton, 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 Caswell 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 Milton, 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. The median home price in Milton is $78,691, with tax bills ranging from $494 at the 25th percentile to $1,531 at the 90th percentile. The highest and lowest median tax bills are both $719, found in the 27305 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 Milton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milton Assessed Value
$78,691
Average Caswell County Assessed Value
$93,808
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27305 | $32,783 | $52,982 | $78,691 | $121,941 | $188,393 |
Source: Ownwell
Property Tax Bills Across Milton, North Carolina
In Milton, located in Caswell County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Milton face a property tax rate that is applied to this assessed value to calculate their annual tax bill. Factors that influence the tax bill include the median home price, which stands at $78,691. The tax bills can vary significantly, with the 25th percentile tax bill at $494, the 75th percentile at $1,084, and the 90th percentile reaching up to $1,531. These variations depend on the specific assessed values of properties within the area. The median property tax rate in Milton is lower compared to the national median of 0.99%, which can be advantageous for homeowners. This relatively low tax rate can result in more manageable annual tax bills, making homeownership in Milton more affordable compared to regions with higher property tax rates.
Average Milton Tax Bill
$719
Average Caswell County Tax Bill
$799
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Milton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27305 | $334 | $494 | $719 | $1,084 | $1,531 |
Source: Ownwell