Mayodan, North Carolina Property Taxes
The median property tax rate in Mayodan, NC is 0.93%, 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 Mayodan at $67,926, the typical annual property tax bill amounts to $710, which is significantly lower than the national median of $2,690. Property taxes in Mayodan are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Mayodan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mayodan 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
Mayodan, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$632
Ownwell’s Mayodan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayodan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayodan 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 Mayodan, North Carolina
Property taxes in Mayodan, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayodan is 0.93%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Mayodan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayodan 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 Mayodan's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27027 has the same median property tax rate of 0.93%. Understanding how these areas compare with Mayodan provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayodan Tax Rate
0.93%
Average Rockingham County Tax Rate
0.81%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayodan, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27027 | 0.80% | 0.81% | 0.93% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Mayodan, North Carolina
In Mayodan, 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 Rockingham County Assessor 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 Mayodan, 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 Mayodan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $710, found in zip code 27027, which is also the lowest.
Average Mayodan Assessed Value
$67,926
Average Rockingham County Assessed Value
$76,220
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayodan, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27027 | $11,180 | $36,144 | $67,926 | $100,539 | $148,322 |
Source: Ownwell
Property Tax Bills Across Mayodan, North Carolina
In Mayodan, located in Rockingham County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Mayodan is $67,926, and property taxes here are determined by multiplying the assessed value by the local tax rate. Homeowners in Mayodan typically see tax bills ranging from $353 at the 25th percentile to $1,620 at the 90th percentile, with the median tax bill being $710. This amount is considerably lower than the national median property tax rate of 0.99%, making Mayodan a relatively affordable place for homeowners. Factors influencing the tax bill include the home's assessed value, which is determined by the county assessor, and any applicable exemptions or deductions. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Lower property taxes can be a significant advantage for homeowners, potentially making Mayodan an attractive option for those looking to manage their housing costs effectively.
Average Mayodan Tax Bill
$710
Average Rockingham County Tax Bill
$704
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayodan, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27027 | $105 | $353 | $710 | $1,127 | $1,620 |
Source: Ownwell