Hillsborough, North Carolina Property Taxes
The median property tax rate in Hillsborough, 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 a median home value of $292,565 in Hillsborough, the typical annual property tax bill amounts to $2,748, which is below the national median of $2,690. Property taxes in Hillsborough are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsborough'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 Hillsborough 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
Hillsborough, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$2,809
Ownwell’s Hillsborough Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsborough with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsborough 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 Hillsborough, North Carolina
Property taxes in Hillsborough, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsborough is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hillsborough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsborough 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 Hillsborough's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27278 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Hillsborough 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 Hillsborough 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 Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | 0.93% | 0.94% | 0.96% | 1.00% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Hillsborough, North Carolina
In Hillsborough, 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 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 Hillsborough 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 Hillsborough helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,748 in the zip code 27278, highlighting the consistency in property tax assessments within the area.
Property Tax Assessment Values Across Hillsborough, North Carolina
Source: Ownwell
$164,928
$519,945
$874,961
Average Hillsborough Assessed Value
$292,565
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 Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | $158,026 | $187,546 | $292,565 | $353,788 | $420,434 |
Source: Ownwell
Property Tax Bills Across Hillsborough, North Carolina
In Hillsborough, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by Durham County. For instance, the median home price in Hillsborough is $292,565. Homeowners in the 25th percentile can expect a tax bill around $1,876, while those in the 75th percentile might see a bill closer to $3,341. At the 90th percentile, tax bills can reach up to $3,917. These tax bills are influenced by several factors, including property location, home size, and local government budget needs. Compared to the national median property tax rate of 0.99%, Hillsborough's tax bills can be relatively high, impacting homeowners' annual budgets significantly. The highest median tax bill in the area is $2,748, found in the 27278 zip code, which is also the lowest, indicating a uniformity in tax rates across this region.
Average Hillsborough Tax Bill
$2,748
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 Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | $1,611 | $1,876 | $2,748 | $3,341 | $3,917 |
Source: Ownwell