Wallace, North Carolina Property Taxes
The median property tax rate in Wallace, NC is 0.92%, 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 $102,201 in Wallace, the typical annual property tax bill amounts to $1,041, which is below the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wallace'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 Wallace 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
Wallace, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$940
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, North Carolina
Property taxes in Wallace, 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 Wallace is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28466 in Sampson County has the same median property tax rate of 0.92%. Understanding how these cities compare with Wallace provides valuable insights into the varying tax landscape across Sampson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
0.92%
Average Sampson County Tax Rate
0.92%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | 0.89% | 0.92% | 0.92% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, North Carolina
In Wallace, 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 Sampson 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 Wallace, 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. The median home price in Wallace is $102,201, with the 25th percentile tax bill at $852 and the 75th percentile at $1,360. The highest and lowest median tax bills are both $1,041, found in the 28466 zip code. Being aware of these valuation processes in Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wallace Assessed Value
$102,201
Average Sampson County Assessed Value
$85,659
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | $76,514 | $91,551 | $102,201 | $137,248 | $363,136 |
Source: Ownwell
Property Tax Bills Across Wallace, North Carolina
Property tax bills in Wallace, NC, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Wallace, the median home price is $102,201. Property tax bills can vary significantly, with the 25th percentile tax bill at $852 and the 75th percentile reaching $1,360. At the 90th percentile, homeowners can expect to pay up to $3,714 annually. Several factors influence these tax bills, including the property's assessed value, any applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Wallace's tax rates can result in varying financial impacts on homeowners. For instance, the highest and lowest median tax bills in the area are both $1,041, which aligns closely with the national median. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances more effectively.
Average Wallace Tax Bill
$1,041
Average Sampson County Tax Bill
$790
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | $671 | $852 | $1,041 | $1,360 | $3,714 |
Source: Ownwell