Winston Salem, North Carolina Property Taxes
The median property tax rate in Winston Salem, NC is 1.31%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Winston Salem, the typical annual property tax bill reaches $1,718, exceeding the national median of $2,690. Property taxes in Winston Salem 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 Winston Salem'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 Winston Salem 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
Winston Salem, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,835
Ownwell’s Winston Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winston Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winston Salem 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 Winston Salem, North Carolina
Property taxes in Winston Salem, 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 Winston Salem is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Winston Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winston Salem 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 Winston Salem's effective property tax rate to other counties in North Carolina and the national median. For comparison, the ZIP code 27101 has the lowest median property tax rate of 1.31%. Understanding how these areas compare with Winston Salem provides valuable insights into the varying tax landscape across Forsyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winston Salem Tax Rate
1.31%
Average Forsyth County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winston Salem, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27040 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27045 | 0.66% | 1.15% | 1.31% | 1.31% | 1.31% |
| 27101 | 0.78% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27103 | 0.97% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27104 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27105 | 0.80% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27106 | 0.77% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27107 | 0.80% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27127 | 0.75% | 1.31% | 1.31% | 1.31% | 1.31% |
| 27284 | 1.23% | 1.31% | 1.31% | 1.31% | 1.31% |
| NULLN | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Winston Salem, North Carolina
In Winston Salem, 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 Forsyth 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 Winston Salem, 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. For instance, zip code 27104 has the highest median tax bill at $2,913, while zip code 27045 has the lowest at $865. 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 Winston Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Winston Salem, North Carolina
Source: Ownwell
$36,300
$196,950
$357,600
Average Winston Salem Assessed Value
$140,100
Average Forsyth County Assessed Value
$158,600
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winston Salem, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27040 | $144,550 | $157,275 | $203,350 | $224,325 | $283,650 |
| 27045 | $33,340 | $65,500 | $88,200 | $102,800 | $108,820 |
| 27101 | $27,420 | $54,600 | $112,000 | $182,100 | $299,260 |
| 27103 | $94,900 | $131,400 | $164,000 | $216,000 | $279,470 |
| 27104 | $85,700 | $132,000 | $224,450 | $373,250 | $611,170 |
| 27105 | $25,100 | $42,500 | $76,700 | $118,800 | $161,200 |
| 27106 | $90,100 | $128,300 | $189,000 | $318,000 | $509,400 |
| 27107 | $24,300 | $42,500 | $96,200 | $160,200 | $204,600 |
| 27127 | $59,500 | $89,300 | $136,000 | $170,600 | $208,700 |
| 27284 | $153,740 | $168,550 | $186,800 | $217,550 | $278,900 |
| NULLN | $189,600 | $189,600 | $189,600 | $189,600 | $189,600 |
Source: Ownwell
Property Tax Bills Across Winston Salem, North Carolina
In Winston-Salem, Forsyth County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Homeowners in Winston-Salem face varying tax bills depending on their property's assessed value and the specific tax rate applied. For instance, the median home price in Winston-Salem is $140,100. Tax bills in the area can vary significantly, with the 25th percentile paying around $962, while those in the 75th percentile pay approximately $2,524. At the 90th percentile, tax bills can reach up to $4,107. The highest median tax bill in the region is recorded at $2,913 in the 27104 zip code, while the lowest is $865 in the 27045 zip code. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners and the community at large.
Average Winston Salem Tax Bill
$1,718
Average Forsyth County Tax Bill
$1,755
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Winston Salem, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27040 | $1,658 | $1,982 | $2,620 | $2,938 | $3,727 |
| 27045 | $636 | $700 | $865 | $1,160 | $1,265 |
| 27101 | $349 | $626 | $1,230 | $2,174 | $3,411 |
| 27103 | $1,068 | $1,646 | $2,057 | $2,721 | $3,510 |
| 27104 | $1,092 | $1,704 | $2,913 | $4,873 | $7,995 |
| 27105 | $300 | $511 | $870 | $1,432 | $2,023 |
| 27106 | $1,014 | $1,531 | $2,323 | $3,919 | $6,410 |
| 27107 | $300 | $516 | $1,106 | $1,930 | $2,528 |
| 27127 | $679 | $1,076 | $1,625 | $2,134 | $2,574 |
| 27284 | $1,713 | $2,156 | $2,439 | $2,789 | $3,523 |
| NULLN | $2,491 | $2,491 | $2,491 | $2,491 | $2,491 |
Source: Ownwell