Middleburg, North Carolina Property Taxes
The median property tax rate in Middleburg, NC is 1.55%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Middleburg at $58,806, the typical annual property tax bill reaches $852, exceeding the national median of $2,690. Property taxes in Middleburg 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 Middleburg'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 Middleburg 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
Middleburg, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$911
Ownwell’s MIDDLEBURG Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MIDDLEBURG with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MIDDLEBURG 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 Middleburg, North Carolina
Property taxes in Middleburg, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Middleburg is 1.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Middleburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Middleburg 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 Middleburg's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27556 has the same median property tax rate of 1.55%, which is consistent across Middleburg. Understanding how these areas compare with Middleburg provides valuable insights into the varying tax landscape across Vance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Middleburg Tax Rate
1.55%
Average Vance County Tax Rate
1.16%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Middleburg, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27556 | 1.35% | 1.46% | 1.55% | 1.63% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Middleburg, North Carolina
In Middleburg, 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 Vance 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 Middleburg, 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 Middleburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 27556, with a median tax bill of $852.
Property Tax Assessment Values Across Middleburg, North Carolina
Source: Ownwell
$40,378
$70,216
$100,054
Average Middleburg Assessed Value
$58,806
Average Vance County Assessed Value
$63,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Middleburg, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27556 | $35,325 | $43,894 | $58,806 | $82,756 | $114,471 |
Source: Ownwell
Property Tax Bills Across Middleburg, North Carolina
In Middleburg, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $58,806, homeowners in Middleburg can expect property tax bills that vary significantly. The tax bill for the 25th percentile is around $635, while those in the 75th percentile pay about $1,404, and the 90th percentile reaches up to $1,699. These tax amounts are influenced by several factors, 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%, Middleburg homeowners might experience a range of tax burdens. Understanding these factors is crucial for homeowners to anticipate their annual property tax responsibilities, which can significantly impact their overall financial planning and homeownership costs.
Average Middleburg Tax Bill
$852
Average Vance County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Middleburg, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27556 | $535 | $635 | $852 | $1,404 | $1,699 |
Source: Ownwell