Timberlake, North Carolina Property Taxes
The median property tax rate in Timberlake, NC is 0.94%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Timberlake at $327,586, the typical annual property tax bill reaches $3,085, surpassing the national median of $2,690. Property taxes in Timberlake 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 Timberlake'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 Timberlake 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
Timberlake, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$3,079
Ownwell’s Timberlake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timberlake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timberlake 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 Timberlake, North Carolina
Property taxes in Timberlake, North Carolina, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Timberlake is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Timberlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timberlake 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 Timberlake's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27583 has the highest median property tax rate of 0.94%, while the same zip code 27583 also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Timberlake provides valuable insights into the varying tax landscape across Durham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Timberlake Tax Rate
0.94%
Average Durham County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | 0.91% | 0.92% | 0.94% | 0.97% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Timberlake, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Timberlake, 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 Durham 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 Timberlake, 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. For instance, in Timberlake, the median home price is $327,586, with tax bills ranging from $2,512 at the 25th percentile to $4,930 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Timberlake, North Carolina
Source: Ownwell
$164,928
$519,945
$874,961
Average Timberlake Assessed Value
$327,586
Average Durham County Assessed Value
$220,810
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | $221,261 | $260,221 | $327,586 | $432,552 | $544,453 |
Source: Ownwell
Property Tax Bills Across Timberlake, North Carolina
In Timberlake, located in Durham County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Timberlake face a median property tax rate of 0.99%, aligning with the national median. For example, with a median home price of $327,586, a typical property tax bill would be calculated by applying the tax rate to the assessed value. This results in a median tax bill around $3,085 annually. However, tax bills can vary significantly. At the 25th percentile, homeowners might pay approximately $2,512, while those at the 75th percentile could see bills as high as $4,063. The top 10% of homeowners might even face tax bills nearing $4,930. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Timberlake Tax Bill
$3,085
Average Durham County Tax Bill
$2,770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | $2,180 | $2,512 | $3,085 | $4,063 | $4,930 |
Source: Ownwell