Spruce Pine, North Carolina Property Taxes
The median property tax rate in Spruce Pine, NC is 0.63%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $139,900 in Spruce Pine, the typical annual property tax bill amounts to $859, significantly below the national median of $2,690. Property taxes in Spruce Pine are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Spruce Pine'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 Spruce Pine or another part of Mitchell County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spruce Pine, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$881
Ownwell’s Spruce Pine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spruce Pine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spruce Pine 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 Spruce Pine, North Carolina
Property taxes in Spruce Pine, 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 Spruce Pine is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Spruce Pine set these rates annually, and they can vary across different neighborhoods. Each year, Spruce Pine 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 Spruce Pine's effective property tax rate to other areas and the national median. For comparison, the zip code 28777 has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Spruce Pine provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spruce Pine Tax Rate
0.63%
Average Mitchell County Tax Rate
0.63%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spruce Pine, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28777 | 0.56% | 0.63% | 0.63% | 0.63% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Spruce Pine, North Carolina
In Spruce Pine, 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 Mitchell 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 Spruce Pine, 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 Spruce Pine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28777 has both the highest and lowest median tax bill, recorded at $859.
Property Tax Assessment Values Across Spruce Pine, North Carolina
Source: Ownwell
$132,800
$156,425
$180,050
Average Spruce Pine Assessed Value
$139,900
Average Mitchell County Assessed Value
$141,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spruce Pine, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28777 | $11,340 | $56,900 | $139,900 | $242,850 | $362,400 |
Source: Ownwell
Property Tax Bills Across Spruce Pine, North Carolina
In Spruce Pine, located in Mitchell County, NC, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Spruce Pine, the median home price is $139,900. Tax bills can vary significantly within the area, with the 25th percentile tax bill at $388, the 75th percentile at $1,493, and the 90th percentile reaching up to $2,266. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services. Homeowners in Spruce Pine should be aware that their property tax obligations can fluctuate based on changes in their property's assessed value and any adjustments to the local tax rate. Understanding these factors can help homeowners budget more effectively and potentially appeal their property tax assessments if they believe their property has been overvalued.
Average Spruce Pine Tax Bill
$859
Average Mitchell County Tax Bill
$856
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Spruce Pine, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28777 | $146 | $388 | $859 | $1,493 | $2,266 |
Source: Ownwell