Seven Lakes, North Carolina Property Taxes
The median property tax rate in Seven Lakes, NC is 0.46%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $468,030, the typical annual property tax bill in Seven Lakes reaches $2,130, which is below the national median of $2,690. Property taxes in Seven Lakes are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding the property tax system in Seven Lakes, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Seven Lakes or another part of Moore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Seven Lakes, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$2,153
Ownwell’s Seven Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seven Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seven Lakes 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 Lakes, North Carolina
Property taxes in Seven Lakes, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seven Lakes is 0.46%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Seven Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seven Lakes 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 Lakes' effective property tax rate to other areas in Moore County and the national median. For comparison, the 27376 zip code has both the highest and lowest median property tax rate of 0.46%. Understanding how these areas compare with Seven Lakes provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seven Lakes Tax Rate
0.46%
Average Moore County Tax Rate
0.60%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seven Lakes, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27376 | 0.45% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Seven Lakes, North Carolina
In Seven Lakes, 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 Moore 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 Lakes, 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 Seven Lakes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Seven Lakes is $468,030, with the highest and lowest median tax bill both being $2,130 in zip code 27376.
Property Tax Assessment Values Across Seven Lakes, North Carolina
Source: Ownwell
$45,070
$261,150
$477,230
Average Seven Lakes Assessed Value
$468,030
Average Moore County Assessed Value
$305,820
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seven Lakes, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27376 | $310,268 | $454,100 | $468,030 | $854,670 | $1,025,718 |
Source: Ownwell
Property Tax Bills Across Seven Lakes, North Carolina
In Seven Lakes, Moore County, NC, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is generally a percentage of the market value, which is periodically evaluated by the county assessor's office. Factors such as the property's size, location, and condition play a crucial role in determining this value. For homeowners in Seven Lakes, the median home price stands at $468,030. Property tax bills in this area show a wide range, with the 25th percentile tax bill at $2,066, the 75th percentile at $3,889, and the 90th percentile reaching $4,667. The highest median tax bill recorded in the area is $2,130, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors and their impact on property tax bills can help homeowners in Seven Lakes better anticipate and manage their annual expenses, ensuring they are well-prepared for their financial obligations.
Average Seven Lakes Tax Bill
$2,130
Average Moore County Tax Bill
$1,694
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Seven Lakes, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27376 | $1,412 | $2,066 | $2,130 | $3,889 | $4,667 |
Source: Ownwell