Seven Springs, North Carolina Property Taxes
The median property tax rate in Seven Springs, NC is 0.95%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Seven Springs at $63,163, the typical annual property tax bill amounts to $615, which is significantly lower than the national median of $2,690. Property taxes in Seven Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Seven Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Seven Springs 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
Seven Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$600
Ownwell’s SEVEN SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SEVEN SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SEVEN SPRINGS 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 Seven Springs, North Carolina
Property taxes in Seven Springs, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seven Springs is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Seven Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seven Springs 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 Seven Springs' effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28578 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Seven Springs provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seven Springs Tax Rate
0.95%
Average Lenoir County Tax Rate
1.07%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seven Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | 0.73% | 0.89% | 0.95% | 1.03% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Seven Springs, North Carolina
In Seven Springs, 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 Lenoir 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 Seven Springs, 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, the median home price is $63,163, with tax bills ranging from $376 at the 25th percentile to $1,419 at the 90th percentile. The highest and lowest median tax bills are both $615 in the 28578 zip code. 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 Seven Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Seven Springs, North Carolina
Source: Ownwell
$41,983
$72,309
$102,634
Average Seven Springs Assessed Value
$63,163
Average Lenoir County Assessed Value
$66,089
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seven Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | $17,745 | $37,448 | $63,163 | $108,874 | $156,528 |
Source: Ownwell
Property Tax Bills Across Seven Springs, North Carolina
In Seven Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the Lenoir County tax assessor. The median home price in Seven Springs is $63,163. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Factors such as market conditions, property improvements, and neighborhood developments can influence the assessed value. Homeowners in Seven Springs can expect their property tax bills to vary. For instance, those in the 25th percentile pay around $376 annually, while those in the 75th percentile face a tax bill of about $987. At the 90th percentile, the tax bill can reach up to $1,419. The median tax bill in the area is $615, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable for residents, though it also means fewer funds for local services and infrastructure.
Average Seven Springs Tax Bill
$615
Average Lenoir County Tax Bill
$738
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Seven Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | $158 | $376 | $615 | $987 | $1,419 |
Source: Ownwell