Gatesville, North Carolina Property Taxes
The median property tax rate in Gatesville, NC is 1.07%, which is higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Gatesville at $111,782, the typical annual property tax bill is $1,208, surpassing the national median of $2,690. Property taxes in Gatesville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gatesville'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 Gatesville 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
Gatesville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,196
Ownwell’s Gatesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gatesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gatesville 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 Gatesville, North Carolina
Property taxes in Gatesville, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gatesville is 1.07%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Gatesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gatesville 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 Gatesville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27938 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Gatesville provides valuable insights into the varying tax landscape across Gates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gatesville Tax Rate
1.07%
Average Gates County Tax Rate
1.03%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gatesville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27938 | 0.71% | 0.95% | 1.07% | 1.16% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Gatesville, North Carolina
In Gatesville, 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 Gates 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 Gatesville, 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 Gatesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Gatesville is 27938, with a median tax bill of $1,208.
Property Tax Assessment Values Across Gatesville, North Carolina
Source: Ownwell
$97,638
$112,445
$127,252
Average Gatesville Assessed Value
$111,782
Average Gates County Assessed Value
$119,144
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gatesville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27938 | $35,799 | $66,468 | $111,782 | $171,538 | $244,771 |
Source: Ownwell
Property Tax Bills Across Gatesville, North Carolina
In Gatesville, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to arrive at the annual property tax bill. For example, with a median home price of $111,782, homeowners can expect a tax bill that varies significantly depending on their property's assessed value and the specific rate applied. Several factors influence the final tax bill, including the property's location, size, and any improvements made. In Gatesville, the tax bill at the 25th percentile is around $704, while at the 75th percentile, it can reach up to $1,718. For those at the 90th percentile, the tax bill can be as high as $2,258. These figures illustrate the range of property tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Gatesville's rates can vary, impacting homeowners differently based on their property's value and specific circumstances.
Average Gatesville Tax Bill
$1,208
Average Gates County Tax Bill
$1,215
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Gatesville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27938 | $421 | $704 | $1,208 | $1,718 | $2,258 |
Source: Ownwell