Bear Creek, North Carolina Property Taxes
The median property tax rate in Bear Creek, NC is 0.84%, slightly higher than the state median of 0.82% but below the national median of 0.99%. With a median home value of $154,092, the typical annual property tax bill in Bear Creek reaches $1,210, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Bear Creek'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 Bear Creek 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
Bear Creek, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$1,294
Ownwell’s Bear Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bear Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bear Creek 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 Bear Creek, North Carolina
Property taxes in Bear Creek, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bear Creek is 0.84%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Bear Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bear Creek estimates its required budget to maintain services for the upcoming fiscal year and 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 Bear Creek's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27207 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these areas compare with Bear Creek provides valuable insights into the varying tax landscape across Chatham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bear Creek Tax Rate
0.84%
Average Chatham County Tax Rate
0.85%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bear Creek, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27207 | 0.50% | 0.75% | 0.84% | 0.90% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Bear Creek, North Carolina
In Bear Creek, 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 Chatham 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 Bear Creek, 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. The median home price in Bear Creek is $154,092, with the 25th percentile tax bill at $796 and the 75th percentile at $1,782. The highest median tax bill is $1,210 in the 27207 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bear Creek, North Carolina
Source: Ownwell
$48,190
$383,977
$719,763
Average Bear Creek Assessed Value
$154,092
Average Chatham County Assessed Value
$323,510
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bear Creek, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27207 | $63,798 | $98,862 | $154,092 | $236,834 | $345,862 |
Source: Ownwell
Property Tax Bills Across Bear Creek, North Carolina
In Bear Creek, Chatham County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is evaluated periodically by the county assessor. Factors such as the property's location, size, and condition are considered in this assessment. Homeowners in Bear Creek experience varying property tax bills. For example, the median home price in the area is $154,092. The tax bill at the 25th percentile is around $796, while at the 75th percentile, it climbs to approximately $1,782. Those at the 90th percentile can expect a tax bill nearing $2,442. Comparatively, the highest median tax bill in the region is $1,210, which aligns with the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners, influencing their overall housing costs and financial planning. Accurate assessments and understanding local tax rates are crucial for managing these expenses effectively.
Average Bear Creek Tax Bill
$1,210
Average Chatham County Tax Bill
$2,675
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bear Creek, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27207 | $514 | $796 | $1,210 | $1,782 | $2,442 |
Source: Ownwell