Summerfield, North Carolina Property Taxes
The median property tax rate in Summerfield, NC is 0.80%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Summerfield, the typical annual property tax bill reaches $818, significantly below the national median of $2,690. Property taxes in Summerfield 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 Summerfield'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 Summerfield 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
Summerfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$828
Ownwell’s Summerfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Summerfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summerfield to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more granular details, scrolling down reveals trends and localized information at the neighborhood level. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Summerfield, North Carolina
Property taxes in Summerfield, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summerfield is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Summerfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summerfield 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 Summerfield's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27358 zip code has the highest median property tax rate of 0.80%, while the 27358 zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Summerfield provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summerfield Tax Rate
0.80%
Average Rockingham County Tax Rate
0.81%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | 0.79% | 0.79% | 0.80% | 0.81% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Summerfield, North Carolina
In Summerfield, 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 Rockingham 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. 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 Summerfield 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 27358, with a value of $818.
Property Tax Assessment Values Across Summerfield, North Carolina
Source: Ownwell
$5,631
$70,151
$134,671
Average Summerfield Assessed Value
$103,444
Average Rockingham County Assessed Value
$76,220
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | $21,156 | $49,589 | $103,444 | $209,060 | $384,641 |
Source: Ownwell
Property Tax Bills Across Summerfield, North Carolina
In Summerfield, NC, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The tax rate is then applied to this assessed value. For example, a home with a median price of $103,444 will have its tax bill calculated by applying the local tax rate to this value. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax bill. Homeowners in Summerfield can expect a wide range of property tax bills. At the 25th percentile, the tax bill is around $397, while at the 75th percentile, it rises to approximately $1,613. For those in the 90th percentile, tax bills can reach up to $3,002. Comparatively, the national median property tax rate is 0.99%, making Summerfield's tax landscape relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Summerfield Tax Bill
$818
Average Rockingham County Tax Bill
$704
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Summerfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27358 | $171 | $397 | $818 | $1,613 | $3,002 |
Source: Ownwell