South Grafton, North Carolina Property Taxes
The median property tax rate in South Grafton, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in South Grafton, the typical annual property tax bill is just $68, well below the national median of $2,690. Property taxes in South Grafton are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding South Grafton’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 South Grafton 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
South Grafton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$68
Ownwell’s South Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Grafton 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 Avery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across South Grafton, North Carolina
Property taxes in South Grafton, 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 South Grafton is 0.72%, which is significantly higher than the North Carolina state median of 0.70% and the U.S. national median of 0.99%. Local government entities within South Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Grafton 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 South Grafton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in North Carolina is found in Mecklenburg County at 1.05%, while the lowest median tax rate is in Avery County at 0.40%. Understanding how these areas compare with South Grafton provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Grafton 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 South Grafton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01560 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across South Grafton, North Carolina
In South Grafton, 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 South Grafton, 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 South Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Grafton, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average South Grafton Assessed Value
$17,000
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 South Grafton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01560 | $17,000 | $17,000 | $17,000 | $17,000 | $17,000 |
Source: Ownwell
Property Tax Bills Across South Grafton, North Carolina
In South Grafton, Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property's market value. Once the assessed value is established, the tax rate, also known as the mill rate, is applied. For instance, if a home is valued at $170,000, the tax bill is calculated by multiplying this value by the local tax rate. Several factors influence the assessed value, including the size of the property, location, and any improvements made. Homeowners in South Grafton typically see a tax bill of around $68, which is considerably lower than the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, making it more affordable to maintain their properties and potentially increasing the attractiveness of the area for new residents. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively.
Average South Grafton Tax Bill
$68
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across South Grafton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 01560 | $68 | $68 | $68 | $68 | $68 |
Source: Ownwell