Mills River, North Carolina Property Taxes
The median property tax rate in Mills River, NC is 0.38%, 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 Mills River at $368,000, the typical annual property tax bill is $1,307, which is well below the national median of $2,690. Property taxes in Mills River are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mills River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mills River or another part of Henderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mills River, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$1,398
Ownwell’s Mills River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mills River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mills River 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 Mills River, North Carolina
Property taxes in Mills River, 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 Mills River is 0.38%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Mills River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mills River 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. Understanding Mills River's effective property tax rate in comparison to other counties in North Carolina and the national median provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mills River Tax Rate
0.38%
Average Henderson County Tax Rate
0.44%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | 0.26% | 0.34% | 0.38% | 0.40% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Mills River, North Carolina
In Mills River, 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 Henderson 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 Mills River, 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 Mills River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mills River is $368,000, with tax bills ranging from $772 at the 25th percentile to $2,891 at the 90th percentile. The zip code 28759 has the highest and lowest median tax bill at $1,307.
Property Tax Assessment Values Across Mills River, North Carolina
Source: Ownwell
$10,000
$189,000
$368,000
Average Mills River Assessed Value
$368,000
Average Henderson County Assessed Value
$308,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | $117,800 | $226,200 | $368,000 | $544,700 | $774,900 |
Source: Ownwell
Property Tax Bills Across Mills River, North Carolina
In Mills River, NC, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Mills River is $368,000. To determine your tax bill, the assessed value of your property is multiplied by the local tax rate. For example, with a median property tax rate of 0.99%, a home valued at $368,000 would incur a tax bill of approximately $3,643 annually. Several factors influence your tax bill, including property size, location, and any applicable exemptions. Homeowners in Mills River can expect a range of tax bills; the 25th percentile pays around $772, while the 75th percentile pays about $2,002. At the 90th percentile, tax bills can reach as high as $2,891. Understanding these factors helps homeowners budget effectively and anticipate annual expenses. Comparing these figures to the national median property tax rate of 0.99% provides a clearer picture of how Mills River's property taxes stack up, ensuring residents are well-informed about their financial obligations.
Average Mills River Tax Bill
$1,307
Average Henderson County Tax Bill
$1,336
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | $380 | $772 | $1,307 | $2,002 | $2,891 |
Source: Ownwell