Red Springs, North Carolina Property Taxes
The median property tax rate in Red Springs, NC is 0.94%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $87,190 in Red Springs, the typical annual property tax bill amounts to $747, which is well below the national median of $2,690. Property taxes in Red Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Red Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Red Springs 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
Red Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$820
Ownwell’s RED SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RED SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED SPRINGS 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 Red Springs, North Carolina
Property taxes in Red Springs, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Springs is 0.94%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Red Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Springs 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 Red Springs' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28377 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Red Springs provides valuable insights into the varying tax landscape across Hoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Springs Tax Rate
0.94%
Average Hoke County Tax Rate
0.88%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28377 | 0.56% | 0.83% | 0.94% | 1.06% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Red Springs, North Carolina
In RED SPRINGS, 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 Hoke 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 RED SPRINGS, 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 RED SPRINGS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $87,190, with the 25th percentile tax bill at $456 and the 75th percentile at $1,255. The highest and lowest median tax bills, both at $747, are found in the 28377 zip code.
Property Tax Assessment Values Across Red Springs, North Carolina
Source: Ownwell
$74,340
$136,390
$198,440
Average Red Springs Assessed Value
$87,190
Average Hoke County Assessed Value
$178,870
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28377 | $25,616 | $47,395 | $87,190 | $148,865 | $223,366 |
Source: Ownwell
Property Tax Bills Across Red Springs, North Carolina
In Red Springs, NC, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Red Springs, the median home price is $87,190, and the property tax rate in Hoke County is applied to this value. The tax bill can vary significantly depending on the specific assessed value of the property. For instance, the 25th percentile tax bill is $456, while the 75th percentile tax bill is $1,255, and the 90th percentile tax bill reaches $1,799. Compared to the national median property tax rate of 0.99%, homeowners in Red Springs may find their property tax bills to be relatively manageable. However, these taxes can still impact homeowners' budgets, influencing decisions on home buying and long-term financial planning. Understanding how these factors interplay is crucial for managing property expenses effectively.
Average Red Springs Tax Bill
$747
Average Hoke County Tax Bill
$1,520
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28377 | $272 | $456 | $747 | $1,255 | $1,799 |
Source: Ownwell