Hillsborough, North Carolina Property Taxes
The median property tax rate in Hillsborough, NC is 0.40%, significantly lower than the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hillsborough at $308,350, the typical annual property tax bill is $1,300, which is well below the national median of $2,690. Property taxes in Hillsborough are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hillsborough'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 Hillsborough 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
Hillsborough, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,233
Ownwell’s Hillsborough Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillsborough with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsborough to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more localized data, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hillsborough, North Carolina
Property taxes in Hillsborough, 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 Hillsborough is 0.79%, which is higher than both the North Carolina state median of 0.70% and the U.S. national median of 0.99%. Local government entities within Hillsborough set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsborough 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 Hillsborough's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27516 ZIP code has the highest median property tax rate of 0.79%, while the 27510 ZIP code has the lowest median tax rate of 0.70%. Understanding how these cities compare with Hillsborough provides valuable insights into the varying tax landscape across Orange County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsborough Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Hillsborough, North Carolina
In Hillsborough, 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 Avery 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 Hillsborough, 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 Hillsborough helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27278 has the highest and lowest median tax bill at $1300.
Property Tax Assessment Values Across Hillsborough, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Hillsborough Assessed Value
$308,350
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | $280,010 | $287,525 | $308,350 | $331,250 | $342,500 |
Source: Ownwell
Property Tax Bills Across Hillsborough, North Carolina
In Hillsborough, located in Avery County, NC, property tax bills are determined primarily based on the assessed value of the property. The assessed value is calculated by the county assessor's office and is intended to reflect the property's market value. Homeowners in Hillsborough face property tax bills that vary depending on factors such as property size, location, and improvements made to the property. The median home price in Hillsborough is $308,350, and property tax bills can range significantly. For instance, homeowners in the 25th percentile can expect to pay around $1,233, while those in the 75th percentile might see bills as high as $1,350. The 90th percentile tax bill reaches up to $1,380. The highest and lowest median tax bills both stand at $1,300, indicating a relatively consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Hillsborough's property tax rates offer a competitive landscape for homeowners, balancing affordability with the necessary funding for local services and infrastructure.
Average Hillsborough Tax Bill
$1,300
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsborough, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27278 | $1,193 | $1,233 | $1,300 | $1,350 | $1,380 |
Source: Ownwell