New Hill, North Carolina Property Taxes
The median property tax rate in New Hill, NC is 1.10%, notably higher than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in New Hill at $425,317, the typical annual property tax bill reaches $4,525, significantly exceeding the national median of $2,690. Property taxes in New Hill 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 New Hill'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 New Hill 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
New Hill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$4,678
Ownwell’s New Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hill 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 New Hill, North Carolina
Property taxes in New Hill, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hill is 1.10%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within New Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hill 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 New Hill's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27562 zip code has the highest median property tax rate of 1.10%, while the same zip code also represents the lowest median tax rate of 1.10%. Understanding how these cities compare with New Hill provides valuable insights into the varying tax landscape across Wake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hill Tax Rate
1.10%
Average Wake County Tax Rate
1.10%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27562 | 0.78% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across New Hill, North Carolina
In New Hill, 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 Wake 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 New Hill, 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 New Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $4,525 in the 27562 zip code, with the median home price at $425,317.
Property Tax Assessment Values Across New Hill, North Carolina
Source: Ownwell
$174,058
$394,571
$615,084
Average New Hill Assessed Value
$425,317
Average Wake County Assessed Value
$302,078
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27562 | $266,052 | $349,391 | $425,317 | $476,424 | $652,529 |
Source: Ownwell
Property Tax Bills Across New Hill, North Carolina
In New Hill, property tax bills are calculated based on the assessed value of a home, which is determined by the Wake County tax assessor's office. The assessed value is typically a percentage of the market value of the property. Homeowners in New Hill can expect their tax bill to reflect this assessed value multiplied by the local tax rate, which varies annually based on budgetary needs and local government decisions. Several factors influence the tax bill, including the property's location, size, and any improvements or renovations made. For instance, the median home price in New Hill is $425,317, leading to a median tax bill that can range significantly. At the 25th percentile, homeowners might pay around $3,580, while those at the 75th percentile could see bills nearing $5,097. The highest tax bills, around the 90th percentile, can reach up to $6,706. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for New Hill residents. Comparatively, New Hill's property tax rates are competitive, providing a balance between necessary public funding and homeowner affordability.
Average New Hill Tax Bill
$4,525
Average Wake County Tax Bill
$3,098
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27562 | $2,116 | $3,580 | $4,525 | $5,097 | $6,706 |
Source: Ownwell