Bahama, North Carolina Property Taxes
The median property tax rate in Bahama, NC is 0.96%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Bahama at $247,484, the typical annual property tax bill reaches $2,384, just below the national median of $2,690. Property taxes in Bahama 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 Bahama'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 Bahama 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
Bahama, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$2,376
Ownwell’s Bahama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bahama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bahama 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 Bahama, North Carolina
Property taxes in Bahama, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bahama is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Bahama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bahama 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 Bahama's effective property tax rate to other areas in Durham County and the national median. For comparison, the zip code 27503 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Bahama provides valuable insights into the varying tax landscape across Durham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bahama Tax Rate
0.96%
Average Durham County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bahama, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27503 | 0.91% | 0.93% | 0.96% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Bahama, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bahama, NC. 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 Durham 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 in Bahama 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. Notably, the highest median tax bill in Bahama is found in the 27503 zip code, amounting to $2,384. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bahama Assessed Value
$247,484
Average Durham County Assessed Value
$220,810
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bahama, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27503 | $120,473 | $176,570 | $247,484 | $333,602 | $418,788 |
Source: Ownwell
Property Tax Bills Across Bahama, North Carolina
In Bahama, Durham County, NC, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Bahama is $247,484, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and neighborhood characteristics can influence the assessed value. Homeowners in Bahama can expect tax bills that vary significantly. For example, the 25th percentile tax bill is around $1,716, while the 75th percentile tax bill reaches $3,101. The highest median tax bill in the area is $2,384, indicating a range of possible tax obligations for residents. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Bahama's tax rates reflect the local economic conditions and public service needs, ensuring that homeowners contribute fairly to the community's well-being.
Average Bahama Tax Bill
$2,384
Average Durham County Tax Bill
$2,770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bahama, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27503 | $1,214 | $1,716 | $2,384 | $3,101 | $3,833 |
Source: Ownwell