Lumber Bridge, North Carolina Property Taxes
The median property tax rate in Lumber Bridge, NC is 0.89%, 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 $158,840 in Lumber Bridge, the typical annual property tax bill amounts to $1,353, which is below the national median of $2,690. Property taxes in Lumber Bridge are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lumber Bridge'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 Lumber Bridge 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
Lumber Bridge, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,414
Ownwell’s Lumber Bridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lumber Bridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lumber Bridge 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 Lumber Bridge, North Carolina
Property taxes in Lumber Bridge, 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 Lumber Bridge is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Lumber Bridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lumber Bridge 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 Lumber Bridge's effective property tax rate to other areas in Hoke County and the national median. For comparison, the 28357 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Lumber Bridge provides valuable insights into the varying tax landscape across Hoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lumber Bridge Tax Rate
0.89%
Average Hoke County Tax Rate
0.88%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lumber Bridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28357 | 0.67% | 0.83% | 0.89% | 0.96% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Lumber Bridge, North Carolina
In Lumber Bridge, 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 Hoke 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 Lumber Bridge, 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 Lumber Bridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28357 has both the highest and lowest median tax bill at $1,353.
Property Tax Assessment Values Across Lumber Bridge, North Carolina
Source: Ownwell
$74,340
$136,390
$198,440
Average Lumber Bridge Assessed Value
$158,840
Average Hoke County Assessed Value
$178,870
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lumber Bridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28357 | $42,327 | $74,668 | $158,840 | $229,280 | $306,445 |
Source: Ownwell
Property Tax Bills Across Lumber Bridge, North Carolina
In Lumber Bridge, located in Hoke County, NC, 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 reflects the market value of the property. For instance, the median home price in Lumber Bridge is $158,840. Homeowners in this area can expect their tax bills to vary widely, with the 25th percentile tax bill at $694 and the 75th percentile tax bill reaching $1,985. The tax bill for the 90th percentile climbs to $2,555, illustrating the range of property taxes in the region. These figures are influenced by the specific characteristics of each property, such as size, location, and improvements. Compared to the national median property tax rate of 0.99%, Lumber Bridge's rates can be seen as relatively moderate. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan accordingly.
Average Lumber Bridge Tax Bill
$1,353
Average Hoke County Tax Bill
$1,520
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lumber Bridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28357 | $393 | $694 | $1,353 | $1,985 | $2,555 |
Source: Ownwell