Hobgood, North Carolina Property Taxes
The median property tax rate in Hobgood, NC is 1.24%, 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 Hobgood at $53,600, the typical annual property tax bill reaches $667, which is below the national median of $2,690. Property taxes in Hobgood 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 Hobgood'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 Hobgood 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
Hobgood, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$665
Ownwell’s Hobgood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hobgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hobgood 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 Hobgood, North Carolina
Property taxes in Hobgood, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hobgood is 0.99%, which aligns with the U.S. national median. Local government entities within Hobgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hobgood 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 Hobgood's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27843 has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these areas compare with Hobgood 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 Hobgood Tax Rate
1.24%
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 Hobgood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | 1.17% | 1.20% | 1.24% | 5.67% | 8.32% |
Source: Ownwell
Property Tax Assessment Values Across Hobgood, North Carolina
In Hobgood, 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 Hobgood, 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 Hobgood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hobgood is $53,600, with the 25th percentile tax bill at $654 and the 75th percentile at $751. The highest and lowest median tax bills are both $667 in the 27843 zip code.
Average Hobgood Assessed Value
$53,600
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 Hobgood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | $15,800 | $29,975 | $53,600 | $63,145 | $68,872 |
Source: Ownwell
Property Tax Bills Across Hobgood, North Carolina
In Hobgood, located in Martin County, NC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $53,600, homeowners in Hobgood can expect their tax bill to vary. The 25th percentile tax bill is around $654, while the 75th percentile tax bill reaches up to $751. At the 90th percentile, the tax bill can go as high as $801. Comparing these figures to the national median property tax rate of 0.99%, Hobgood's homeowners experience a relatively moderate tax burden. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these factors influence property tax bills helps homeowners plan and budget more effectively.
Average Hobgood Tax Bill
$667
Average Martin County Tax Bill
$622
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hobgood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | $646 | $654 | $667 | $751 | $801 |
Source: Ownwell