Deep Gap, North Carolina Property Taxes
The median property tax rate in Deep Gap, NC is 0.76%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Deep Gap at $114,850, the typical annual property tax bill is around $871, significantly below the national median of $2,690. Property taxes in Deep Gap are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Deep Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Deep Gap or another part of Wilkes County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Deep Gap, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$873
Ownwell’s Deep Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deep Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deep Gap 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 Deep Gap, North Carolina
Property taxes in Deep Gap, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deep Gap is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Deep Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep Gap 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 Deep Gap's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28618 has the highest median property tax rate of 0.76%, while also having the lowest median tax rate of 0.76%. Understanding how these areas compare with Deep Gap provides valuable insights into the varying tax landscape across Wilkes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deep Gap Tax Rate
0.76%
Average Wilkes County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | 0.65% | 0.65% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Deep Gap, North Carolina
In Deep Gap, 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 Wilkes 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 Deep Gap, 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 Deep Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 28618, at $871.
Property Tax Assessment Values Across Deep Gap, North Carolina
Source: Ownwell
$87,490
$155,103
$222,715
Average Deep Gap Assessed Value
$114,850
Average Wilkes County Assessed Value
$107,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | $33,480 | $76,400 | $114,850 | $175,340 | $482,630 |
Source: Ownwell
Property Tax Bills Across Deep Gap, North Carolina
In Deep Gap, NC, located in Wilkes County, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. Homeowners in Deep Gap can expect their tax bills to vary significantly depending on the assessed value of their property. For instance, the tax bill at the 25th percentile is $497, while at the 75th percentile, it rises to $1,393. At the 90th percentile, tax bills can reach as high as $3,138. The median home price in Deep Gap is $114,850, and the property tax rate in this area is a crucial factor influencing these tax bills. Compared to the national median property tax rate of 0.99%, Deep Gap's property tax bills reflect a range of assessments that can impact homeowners differently. Understanding these factors is essential for homeowners to anticipate their annual property tax obligations and budget accordingly.
Average Deep Gap Tax Bill
$871
Average Wilkes County Tax Bill
$770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | $249 | $497 | $871 | $1,393 | $3,138 |
Source: Ownwell