Thurmond, North Carolina Property Taxes
The median property tax rate in Thurmond, NC is 0.72%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Thurmond at $87,490, the typical annual property tax bill amounts to $603, significantly below the national median of $2,690. Property taxes in Thurmond are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Thurmond'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 Thurmond or another part of Wilkes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thurmond, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$630
Ownwell’s Thurmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thurmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thurmond 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 Thurmond, North Carolina
Property taxes in Thurmond, 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 Thurmond is 0.72%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Thurmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thurmond 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 Thurmond's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28683 has the highest median property tax rate of 0.72%, while the lowest median tax rate is also 0.72%. Understanding how these areas compare with Thurmond provides valuable insights into the varying tax landscape across Wilkes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thurmond Tax Rate
0.72%
Average Wilkes County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thurmond, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28683 | 0.64% | 0.72% | 0.72% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Thurmond, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thurmond, North Carolina. 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 Wilkes 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 Thurmond, 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. With a median home price of $87,490, tax bills can vary significantly, from the 25th percentile at $424 to the 90th percentile at $1,670. The highest and lowest median tax bills, both at $603, are found in the 28683 zip code. Being aware of these valuation processes in Thurmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Thurmond, North Carolina
Source: Ownwell
$87,490
$155,103
$222,715
Average Thurmond Assessed Value
$87,490
Average Wilkes County Assessed Value
$107,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thurmond, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28683 | $40,703 | $59,632 | $87,490 | $138,875 | $232,224 |
Source: Ownwell
Property Tax Bills Across Thurmond, North Carolina
In Thurmond, located in Wilkes County, NC, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county's property assessor and is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Thurmond, the median home price is $87,490. Depending on the home's assessed value, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is $424, while the 75th percentile tax bill reaches $1,040. At the 90th percentile, homeowners could see tax bills as high as $1,670. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Comparatively, the national median property tax rate is 0.99%, which provides a useful benchmark for understanding how Thurmond's property taxes align with broader trends. This system ensures that property taxes are distributed fairly based on property values, impacting homeowners' annual expenses directly.
Average Thurmond Tax Bill
$603
Average Wilkes County Tax Bill
$770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Thurmond, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28683 | $278 | $424 | $603 | $1,040 | $1,670 |
Source: Ownwell