Randleman, North Carolina Property Taxes
The median property tax rate in Randleman, NC is 0.65%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Randleman, the typical annual property tax bill is $1,307, which is below the national median of $2,690. Property taxes in Randleman 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 Randleman'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 Randleman 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
Randleman, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,092
Ownwell’s Randleman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randleman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randleman 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 Randleman, North Carolina
Property taxes in Randleman, 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 Randleman is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Randleman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randleman 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 Randleman's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27317 zip code has the highest median property tax rate of 0.65%, while the 27317 zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Randleman provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randleman Tax Rate
0.65%
Average Randolph County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randleman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27317 | 0.64% | 0.65% | 0.65% | 1.13% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Randleman, North Carolina
In Randleman, 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 Randolph 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 Randleman, 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 Randleman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,307, found in the 27317 zip code.
Property Tax Assessment Values Across Randleman, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Randleman Assessed Value
$167,940
Average Randolph County Assessed Value
$167,245
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randleman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27317 | $63,902 | $113,090 | $167,940 | $232,660 | $325,452 |
Source: Ownwell
Property Tax Bills Across Randleman, North Carolina
In Randleman, located in Randolph 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 is typically a percentage of the market value. For instance, the median home price in Randleman is $167,940. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any exemptions or deductions for which the homeowner may qualify. In Randleman, property tax bills can vary significantly. For example, at the 25th percentile, homeowners might pay around $798 annually, while at the 75th percentile, the tax bill could rise to $2,045. At the 90th percentile, it can reach up to $2,743. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses, potentially influencing decisions on homeownership and budgeting.
Average Randleman Tax Bill
$1,307
Average Randolph County Tax Bill
$1,305
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Randleman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27317 | $398 | $798 | $1,307 | $2,045 | $2,743 |
Source: Ownwell