Hamilton, North Carolina Property Taxes
The median property tax rate in Hamilton, NC is 1.58%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hamilton at $15,035, the typical annual property tax bill reaches $701, which is still below the national median of $2,690. Property taxes in Hamilton 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 Hamilton'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 Hamilton 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
Hamilton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$238
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, North Carolina
Property taxes in Hamilton, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27840 has the highest median property tax rate of 1.58%, while also having the lowest median tax rate of 1.58%. Understanding how these cities compare with Hamilton provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
1.58%
Average Martin County Tax Rate
1.26%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27840 | 1.19% | 1.58% | 1.58% | 2.01% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, North Carolina
In Hamilton, 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 Martin 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27840, with a median bill of $701.00, while the same zip code also represents the lowest median tax bill at $701.00.
Average Hamilton Assessed Value
$15,035
Average Martin County Assessed Value
$43,060
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27840 | $4,660 | $6,278 | $15,035 | $54,378 | $65,472 |
Source: Ownwell
Property Tax Bills Across Hamilton, North Carolina
In Hamilton, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The tax rate is then applied to this assessed value to compute the total tax bill. For homeowners in Hamilton, the assessed value is often lower than the market value, providing some relief compared to other regions. Several factors influence the tax bill, including the home's size, location, and condition. For instance, the median home price in Hamilton is $15,035. A homeowner in the 25th percentile might see a tax bill of around $128, while those in the 75th percentile could pay approximately $904. The highest tax bills reach up to $1,145 for the 90th percentile. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. While Hamilton's median property tax rate is competitive, it offers a balanced approach to funding essential community services without overly burdening homeowners.
Average Hamilton Tax Bill
$701
Average Martin County Tax Bill
$622
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27840 | $87 | $128 | $701 | $904 | $1,145 |
Source: Ownwell