Laurel Springs, North Carolina Property Taxes
The median property tax rate in Laurel Springs, NC is 0.72%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Laurel Springs at $150,200, the typical annual property tax bill is $990, significantly less than the national median of $2,690. Property taxes in Laurel Springs are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Laurel 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 Laurel 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
Laurel Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,081
$1,004
Ownwell’s Laurel Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Alleghany County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Laurel Springs, North Carolina
Property taxes in Laurel 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 Laurel Springs is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Laurel Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel Springs' effective property tax rate to other regions in North Carolina and the national median. For comparison, the zip code 28644 has the highest median property tax rate of 0.72%, while the lowest median tax rate in the same zip code is also 0.72%. Understanding how these areas compare with Laurel Springs provides valuable insights into the varying tax landscape across Alleghany County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Springs Tax Rate
0.72%
Average Alleghany County Tax Rate
0.70%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28644 | 0.39% | 0.67% | 0.72% | 0.76% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Springs, North Carolina
In Laurel 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 Alleghany 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 Laurel 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. The median home price in the area is $150,200, with tax bills ranging from $680 at the 25th percentile to $2,058 at the 90th percentile. The highest and lowest median tax bills in the area are both $990, found in the 28644 zip code. 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 Laurel Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Laurel Springs, North Carolina
Source: Ownwell
$117,900
$168,300
$218,700
Average Laurel Springs Assessed Value
$150,200
Average Alleghany County Assessed Value
$157,000
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28644 | $56,140 | $95,500 | $150,200 | $253,200 | $376,240 |
Source: Ownwell
Property Tax Bills Across Laurel Springs, North Carolina
In Laurel Springs, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Laurel Springs is $150,200. Property taxes are then calculated by applying the local tax rate to this assessed value. For example, in Alleghany County, the median property tax bill is $990. This is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. Homeowners in Laurel Springs might see tax bills ranging from $680 at the 25th percentile to $2,058 at the 90th percentile. These variations can impact household budgets, making it essential for homeowners to understand their property’s assessed value and the local tax rate. By doing so, they can better anticipate annual tax expenses and plan accordingly.
Average Laurel Springs Tax Bill
$990
Average Alleghany County Tax Bill
$1,019
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28644 | $412 | $680 | $990 | $1,459 | $2,058 |
Source: Ownwell