Westfield, North Carolina Property Taxes
The median property tax rate in Westfield, NC is 0.55%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Westfield, the typical annual property tax bill reaches $543, significantly below the national median of $2,690. Property taxes in Westfield 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 Westfield'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 Westfield or another part of Surry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$619
Ownwell’s Westfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westfield 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 Westfield, North Carolina
Property taxes in Westfield, 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 Westfield is 0.55%, lower than the U.S. national median of 0.99%. Local government entities within Westfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westfield 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 Westfield's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27053 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Westfield provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westfield Tax Rate
0.55%
Average Surry County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27053 | 0.22% | 0.41% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Westfield, North Carolina
In Westfield, 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 Surry 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 Westfield, 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. For example, the highest median tax bill in the area is $543, found in the 27053 zip code. 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 Westfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Westfield, North Carolina
Source: Ownwell
$79,385
$110,968
$142,550
Average Westfield Assessed Value
$112,620
Average Surry County Assessed Value
$114,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27053 | $66,476 | $87,888 | $112,620 | $161,328 | $217,231 |
Source: Ownwell
Property Tax Bills Across Westfield, North Carolina
In Westfield, Surry County, NC, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's market value and any applicable exemptions or deductions. For example, with a median home price of $112,620, homeowners in Westfield can expect their property tax bill to vary. The 25th percentile tax bill is around $344, while the 75th percentile tax bill is approximately $705. Those in the 90th percentile could see tax bills as high as $1,028. Comparatively, the national median property tax rate is 0.99%, so homeowners in Westfield may find their tax bills relatively manageable. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Westfield Tax Bill
$543
Average Surry County Tax Bill
$544
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Westfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27053 | $218 | $344 | $543 | $705 | $1,028 |
Source: Ownwell