Magnolia, North Carolina Property Taxes
The median property tax rate in Magnolia, NC is 0.92%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Magnolia at $75,676, the typical annual property tax bill reaches $655, which is significantly below the national median of $2,690. Property taxes in Magnolia 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 Magnolia'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 Magnolia 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
Magnolia, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$696
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, North Carolina
Property taxes in Magnolia, 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 Magnolia is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28453 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Magnolia provides valuable insights into the varying tax landscape across Sampson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
0.92%
Average Sampson County Tax Rate
0.92%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28453 | 0.46% | 0.92% | 0.92% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, North Carolina
In Magnolia, 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 Sampson 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 Magnolia, 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. For example, homeowners in the 28453 zip code can expect a median tax bill of $655. 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Magnolia, North Carolina
Source: Ownwell
$57,254
$195,731
$334,207
Average Magnolia Assessed Value
$75,676
Average Sampson County Assessed Value
$85,659
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28453 | $31,060 | $45,030 | $75,676 | $156,294 | $250,105 |
Source: Ownwell
Property Tax Bills Across Magnolia, North Carolina
In Magnolia, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Magnolia’s case, is influenced by the median home price of $75,676. Local tax authorities then apply the tax rate to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. For instance, the 25th percentile tax bill in Magnolia is $390, while the 75th percentile reaches $1,356, and the 90th percentile climbs to $1,790. These variations highlight how different factors can affect the tax burden on homeowners. Understanding how property taxes are calculated is crucial for homeowners, as it directly impacts their annual financial planning. Compared to the national median property tax rate of 0.99%, Magnolia's specific rates and assessed values can either ease or increase the financial load on property owners.
Average Magnolia Tax Bill
$655
Average Sampson County Tax Bill
$790
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28453 | $235 | $390 | $655 | $1,356 | $1,790 |
Source: Ownwell