Homosassa, North Carolina Property Taxes
The median property tax rate in Homosassa, NC is 0.40%, significantly lower than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in Homosassa, the typical annual property tax bill is $364, far below the national median of $2,690. Property taxes in Homosassa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Homosassa'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 Homosassa 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
Homosassa, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$364
$338
Ownwell’s Homosassa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homosassa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homosassa 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 Homosassa, North Carolina
Property taxes in Homosassa, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homosassa is 0.40%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Homosassa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homosassa 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 Homosassa's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in the region is 0.60%, while the lowest median tax rate is 0.30%. Understanding how these cities compare with Homosassa provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Homosassa Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homosassa, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34448 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Homosassa, North Carolina
In Homosassa, 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 Avery 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. Assessment notices in Homosassa 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 Homosassa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 34448 has both the highest and lowest median tax bill, which stands at $364.
Property Tax Assessment Values Across Homosassa, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Homosassa Assessed Value
$91,000
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Homosassa, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34448 | $91,000 | $91,000 | $91,000 | $91,000 | $91,000 |
Source: Ownwell
Property Tax Bills Across Homosassa, North Carolina
In Homosassa, Avery County, NC, property tax bills are calculated based on the assessed value of a home rather than its market value. The median home price in Homosassa stands at $91,000, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and any applicable exemptions or deductions also play a role in the final tax amount. Homeowners in Homosassa typically experience a consistent property tax bill, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $364. This uniformity suggests a stable tax environment, which can be beneficial for financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Homosassa's tax rate provides a relatively predictable and manageable tax burden for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Homosassa Tax Bill
$364
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Homosassa, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34448 | $364 | $364 | $364 | $364 | $364 |
Source: Ownwell