Holly Springs, North Carolina Property Taxes
The median property tax rate in Holly Springs, NC is 0.82%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $146,265, the typical annual property tax bill in Holly Springs amounts to $1,203, which is significantly below the national median of $2,690. Property taxes in Holly Springs are calculated based on the assessed value, which is often less than the market value due to various exemptions, including those for primary residences and agricultural properties. By understanding Holly Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the heart of Holly Springs or in another part of the city, gaining insight into the local property tax system will be beneficial.
Last Updated June 14, 2024
Holly Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,199
Ownwell’s HOLLY SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLLY SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLLY SPRINGS 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 Holly Springs, North Carolina
Property taxes in Holly Springs, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Springs is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Holly Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly Springs 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 Holly Springs' effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27540 zip code has the highest median property tax rate of 0.82%, while the 27540 zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Holly Springs provides valuable insights into the varying tax landscape across Chatham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Springs Tax Rate
0.82%
Average Chatham County Tax Rate
0.85%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Holly Springs, North Carolina
In Holly Springs, 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 Chatham County 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 Holly Springs, 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 Holly Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27540 at $1,203, and the zip code with the lowest median tax bill is also 27540 at $1,203.
Property Tax Assessment Values Across Holly Springs, North Carolina
Source: Ownwell
$48,190
$383,977
$719,763
Average Holly Springs Assessed Value
$146,265
Average Chatham County Assessed Value
$323,510
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | $146,265 | $146,265 | $146,265 | $146,265 | $146,265 |
Source: Ownwell
Property Tax Bills Across Holly Springs, North Carolina
In Holly Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the Chatham County tax assessor's office. The assessed value is a percentage of the market value, reflecting the home's worth in the current real estate market. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including property size, location, and any improvements made to the property. Tax rates can vary, but the median tax bill in Holly Springs hovers around $1,203, consistent across various percentiles. This is relatively higher than the national median property tax rate of 0.99%, reflecting the area's robust property values. For homeowners, this means a predictable tax obligation that supports local services such as schools, public safety, and infrastructure. Understanding these factors can help homeowners plan their finances and anticipate any changes in their annual tax bills.
Average Holly Springs Tax Bill
$1,203
Average Chatham County Tax Bill
$2,675
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | $1,203 | $1,203 | $1,203 | $1,203 | $1,203 |
Source: Ownwell