Spencer, North Carolina Property Taxes
The median property tax rate in Spencer, NC is 1.13%, notably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Spencer at $159,085, the typical annual property tax bill reaches $1,794, exceeding the national median of $2,690. Property taxes in Spencer 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 Spencer'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 Spencer or another part of Rowan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spencer, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,798
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, North Carolina
Property taxes in Spencer, 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 Spencer is 1.13%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28159 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Spencer provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spencer Tax Rate
1.13%
Average Rowan County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28159 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, North Carolina
In Spencer, 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 Rowan 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 Spencer, 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. The median home price in Spencer is $159,085, with tax bills ranging from $1,442 at the 25th percentile to $3,014 at the 90th percentile. The zip code 28159 has the highest and lowest median tax bill of $1,794. Being aware of these valuation processes in Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spencer Assessed Value
$159,085
Average Rowan County Assessed Value
$187,326
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spencer, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28159 | $97,638 | $128,240 | $159,085 | $202,069 | $267,184 |
Source: Ownwell
Property Tax Bills Across Spencer, North Carolina
In Spencer, located in Rowan County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Spencer, the median home price is $159,085. The property tax rate in Rowan County is higher than the national median property tax rate of 0.99%, resulting in tax bills that can be quite significant. For example, the 25th percentile tax bill in Spencer is $1,442, while the 75th percentile tax bill reaches $2,280, and the 90th percentile tax bill can be as high as $3,014. This variation in tax bills reflects differences in home values and the specific circumstances of each property. Higher property taxes can impact homeowners by increasing their annual expenses, making it essential for them to understand how their tax bills are calculated and to explore potential exemptions or appeals if they believe their assessed value is inaccurate.
Average Spencer Tax Bill
$1,794
Average Rowan County Tax Bill
$1,628
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28159 | $1,091 | $1,442 | $1,794 | $2,280 | $3,014 |
Source: Ownwell