Walnut Cove, North Carolina Property Taxes
The median property tax rate in Walnut Cove, NC is 0.74%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $114,200 in Walnut Cove, the typical annual property tax bill amounts to $841, significantly below the national median of $2,690. Property taxes in Walnut Cove are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Walnut Cove'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 Walnut Cove or another part of Stokes County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut Cove, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$845
Ownwell’s Walnut Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Cove 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 Walnut Cove, North Carolina
Property taxes in Walnut Cove, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Cove is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Walnut Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Cove 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 Walnut Cove's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27052 zip code has the same median property tax rate of 0.74%. Understanding how these areas compare with Walnut Cove provides valuable insights into the varying tax landscape across Stokes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Cove Tax Rate
0.74%
Average Stokes County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | 0.55% | 0.74% | 0.74% | 0.74% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Cove, North Carolina
In Walnut Cove, 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 Stokes 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 Walnut Cove, 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 Walnut Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $841, found in zip code 27052.
Property Tax Assessment Values Across Walnut Cove, North Carolina
Source: Ownwell
$83,700
$329,300
$574,900
Average Walnut Cove Assessed Value
$114,200
Average Stokes County Assessed Value
$130,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | $41,800 | $76,700 | $114,200 | $171,600 | $254,900 |
Source: Ownwell
Property Tax Bills Across Walnut Cove, North Carolina
In Walnut Cove, property tax bills are determined by assessing the value of a home and applying the local tax rate set by Stokes County. The assessed value is based on the market value of the property, which is periodically evaluated by county officials. For a median home price of $114,200, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $559, while those in the 75th percentile see bills closer to $1,281. The highest tax bills, found in the 90th percentile, can reach up to $1,853. These variations are influenced by factors such as property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Walnut Cove's rates are relatively moderate. This affects homeowners by directly impacting their annual expenses, making it crucial to understand how these taxes are calculated and what factors may lead to higher bills.
Average Walnut Cove Tax Bill
$841
Average Stokes County Tax Bill
$951
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | $303 | $559 | $841 | $1,281 | $1,853 |
Source: Ownwell