Hamlet, North Carolina Property Taxes
The median property tax rate in Hamlet, NC is 1.25%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hamlet at $24,600, the typical annual property tax bill reaches $330, which is notably lower than the national median of $2,690. Property taxes in Hamlet are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hamlet'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 Hamlet 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
Hamlet, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$308
Ownwell’s Hamlet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamlet 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 Hamlet, North Carolina
Property taxes in Hamlet, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamlet is 1.25%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Hamlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamlet 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 Hamlet's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28345 zip code has the highest median property tax rate of 1.25%, while the 28345 zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Hamlet provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamlet Tax Rate
1.25%
Average Scotland County Tax Rate
1.11%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28345 | 0.97% | 1.08% | 1.25% | 1.78% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Hamlet, North Carolina
In Hamlet, 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 Scotland 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 Hamlet, 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 Hamlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28345 has both the highest and lowest median tax bill at $330.
Average Hamlet Assessed Value
$24,600
Average Scotland County Assessed Value
$54,325
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28345 | $7,000 | $10,160 | $24,600 | $59,690 | $79,424 |
Source: Ownwell
Property Tax Bills Across Hamlet, North Carolina
In Hamlet, located in Scotland County, NC, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $24,600, homeowners can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $180, while at the 75th percentile, they can reach up to $585. The 90th percentile sees tax bills as high as $851. These figures are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hamlet's property tax rates are relatively modest, making it an affordable place for homeowners. Understanding these factors helps homeowners in Hamlet better anticipate their annual property tax obligations and manage their finances accordingly.
Average Hamlet Tax Bill
$330
Average Scotland County Tax Bill
$594
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28345 | $115 | $180 | $330 | $585 | $851 |
Source: Ownwell