Oak Ridge, North Carolina Property Taxes
The median property tax rate in Oak Ridge, NC is 0.91%, which is 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 Oak Ridge at $352,200, the typical annual property tax bill reaches $3,174, surpassing the national median of $2,690. Property taxes in Oak Ridge are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oak Ridge'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 Oak Ridge 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
Oak Ridge, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,205
Ownwell’s OAK RIDGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OAK RIDGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OAK RIDGE 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 Oak Ridge, North Carolina
Property taxes in Oak Ridge, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Ridge is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Oak Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Ridge 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 Oak Ridge's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27310 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Oak Ridge 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 Oak Ridge Tax Rate
0.91%
Average Guilford County Tax Rate
1.35%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Ridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27310 | 0.83% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Oak Ridge, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oak Ridge, 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 Guilford 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 Oak Ridge, 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 Oak Ridge is $352,200, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,756, while the 75th percentile tax bill is $4,272, and the 90th percentile tax bill reaches $5,506. The highest and lowest median tax bills are both in the zip code 27310, with a value of $3,174. 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 Oak Ridge, North Carolina
Source: Ownwell
$15,000
$189,700
$364,400
Average Oak Ridge Assessed Value
$352,200
Average Guilford County Assessed Value
$164,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Ridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27310 | $98,060 | $190,800 | $352,200 | $472,400 | $612,980 |
Source: Ownwell
Property Tax Bills Across Oak Ridge, North Carolina
In Oak Ridge, 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 property's market value, which is determined through periodic assessments conducted by Guilford County. Several factors influence this assessed value, including the property's location, size, and condition. Homeowners in Oak Ridge can expect a range of property tax bills. For instance, the 25th percentile tax bill is about $1,756, while the 75th percentile tax bill can reach up to $4,272. At the higher end, the 90th percentile tax bill is approximately $5,506. The median home price in Oak Ridge is $352,200, and the highest median tax bill in the area is $3,174, which aligns with the national median property tax rate of 0.99%. These property tax bills significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Oak Ridge Tax Bill
$3,174
Average Guilford County Tax Bill
$1,922
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Ridge, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27310 | $828 | $1,756 | $3,174 | $4,272 | $5,506 |
Source: Ownwell