Summerfield, North Carolina Property Taxes
The median property tax rate in Summerfield, NC is 0.40%, significantly lower than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in Summerfield at $750,000, the typical annual property tax bill reaches $3,000, surpassing the national median of $2,690. Property taxes in Summerfield 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 Summerfield'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 Summerfield 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
Summerfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$3,000
Ownwell’s Summerfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield 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 Summerfield, North Carolina
Property taxes in Summerfield, 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 Summerfield is 0.78%, which is higher than the North Carolina state median of 0.70% but still below the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other counties in North Carolina and the national median. For comparison, ZIP code 28277 has the highest median property tax rate in the state at 1.05%, while ZIP code 27514 has the lowest median tax rate at 0.55%. Understanding how these cities compare with Summerfield provides valuable insights into the varying tax landscape across Guilford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield 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 Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, North Carolina
In Summerfield, 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 Summerfield, 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 Summerfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27358 has the highest and lowest median tax bill of $3,000.
Property Tax Assessment Values Across Summerfield, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Summerfield Assessed Value
$750,000
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 Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | $750,000 | $750,000 | $750,000 | $750,000 | $750,000 |
Source: Ownwell
Property Tax Bills Across Summerfield, North Carolina
In Summerfield, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For Summerfield, the median home price is $750,000, and homeowners can expect median property tax bills around $3,000. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Summerfield benefit from a relatively stable tax rate, as indicated by consistent tax bills across various percentiles. This stability can make it easier for homeowners to budget for their annual expenses. Comparatively, Summerfield's property tax rate is competitive, especially when viewed against the national median property tax rate of 0.99%. This can make Summerfield an attractive option for potential homeowners looking for a balance between home value and tax obligations.
Average Summerfield Tax Bill
$3,000
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 |
Source: Ownwell