Mineral Springs, North Carolina Property Taxes
The median property tax rate in Mineral Springs, 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 Mineral Springs, the typical annual property tax bill reaches $577, significantly below the national median of $2,690. Property taxes in Mineral Springs 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 Mineral Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mineral Springs 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
Mineral Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$694
Ownwell’s Mineral Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Springs 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 Mineral Springs, North Carolina
Property taxes in Mineral Springs, 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 Mineral Springs is 0.66%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Mineral Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Springs 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 Mineral Springs' effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28108 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 areas compare with Mineral Springs provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Springs Tax Rate
0.66%
Average Union County Tax Rate
0.67%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28108 | 0.39% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Springs, North Carolina
In Mineral Springs, 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 Union 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 Mineral Springs, 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 Mineral Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Mineral Springs is $105,150, with the highest median tax bill found in the 28108 zip code at $577.
Property Tax Assessment Values Across Mineral Springs, North Carolina
Source: Ownwell
$105,150
$356,825
$608,500
Average Mineral Springs Assessed Value
$105,150
Average Union County Assessed Value
$277,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28108 | $53,080 | $71,900 | $105,150 | $181,450 | $259,790 |
Source: Ownwell
Property Tax Bills Across Mineral Springs, North Carolina
In Mineral Springs, Union 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 instance, with a median home price of $105,150, homeowners can expect varying tax bills depending on their property's assessed value. Several factors influence the tax bill, including property location, size, and condition. In Mineral Springs, the 25th percentile tax bill is around $419, while the 75th percentile reaches $937, and the 90th percentile can be as high as $1481. These figures illustrate the range homeowners might encounter. Compared to the national median property tax rate of 0.99%, Mineral Springs' tax rates can significantly impact homeowners, especially when considering the highest median tax bill in the area is $577. As a result, understanding these factors and how they affect the final tax bill is crucial for homeowners looking to manage their property expenses effectively.
Average Mineral Springs Tax Bill
$577
Average Union County Tax Bill
$2,194
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28108 | $343 | $419 | $577 | $937 | $1,481 |
Source: Ownwell