Richlands, North Carolina Property Taxes
The median property tax rate in Richlands, NC is 0.66%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Richlands at $178,948, the typical annual property tax bill reaches $1,168, well below the national median of $2,690. Property taxes in Richlands 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 Richlands' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Richlands 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
Richlands, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,181
Ownwell’s Richlands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richlands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richlands 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 Richlands, North Carolina
Property taxes in Richlands, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richlands is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Richlands set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richlands 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 Richlands' effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28574 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Richlands provides valuable insights into the varying tax landscape across Onslow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richlands Tax Rate
0.66%
Average Onslow County Tax Rate
0.66%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richlands, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28574 | 0.65% | 0.65% | 0.66% | 0.66% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Richlands, North Carolina
In Richlands, 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 Onslow 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 Richlands, 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 Richlands helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Richlands is $178,948, with the 25th percentile tax bill at $764 and the 75th percentile at $1,447. The highest and lowest median tax bills are both $1,168, found in zip code 28574.
Property Tax Assessment Values Across Richlands, North Carolina
Source: Ownwell
$90,896
$331,440
$571,984
Average Richlands Assessed Value
$178,948
Average Onslow County Assessed Value
$189,006
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richlands, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28574 | $73,786 | $115,946 | $178,948 | $216,940 | $250,526 |
Source: Ownwell
Property Tax Bills Across Richlands, North Carolina
In Richlands, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, in Onslow County, where Richlands is located, the median home price is $178,948. Homeowners in the 25th percentile can expect a tax bill around $764, while those in the 75th percentile may see bills up to $1,447. At the 90th percentile, tax bills can reach as high as $1,844. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Richlands' property taxes are relatively moderate. This can be beneficial for homeowners as it keeps the cost of homeownership more affordable, potentially making Richlands an attractive place to live.
Average Richlands Tax Bill
$1,168
Average Onslow County Tax Bill
$1,414
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Richlands, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28574 | $466 | $764 | $1,168 | $1,447 | $1,844 |
Source: Ownwell