Mills River, North Carolina Property Taxes
The median property tax rate in Mills River, NC, is 0.59%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $444,400 in Mills River, the typical annual property tax bill amounts to $2,613, slightly below the national median of $2,690. Property taxes in Mills River are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mills River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Mills River or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mills River, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$2,622
$2,433
Ownwell’s Mills River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mills River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mills River 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 Mills River, North Carolina
Property taxes in Mills River, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mills River is 0.59%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Mills River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mills River 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 Mills River's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28759 zip code has the highest median property tax rate of 0.59%, while the 28759 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Mills River provides valuable insights into the varying tax landscape across Buncombe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mills River Tax Rate
0.59%
Average Buncombe County Tax Rate
0.63%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Mills River, North Carolina
In Mills River, 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 Buncombe County 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 Mills River, 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 Mills River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mills River are both $2,613, found in the zip code 28759.
Property Tax Assessment Values Across Mills River, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Mills River Assessed Value
$444,400
Average Buncombe County Assessed Value
$268,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | $291,100 | $359,025 | $444,400 | $539,725 | $634,550 |
Source: Ownwell
Property Tax Bills Across Mills River, North Carolina
In Mills River, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value. For homeowners in Mills River, which is in Buncombe County, the median home price stands at $444,400. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. In Mills River, the tax bill at the 25th percentile is $2,135, while at the 75th percentile, it rises to $3,163. For those at the 90th percentile, the tax bill can reach up to $3,718. These figures highlight the range of tax burdens homeowners might face, depending on their property's valuation. Compared to the national median property tax rate of 0.99%, Mills River's property tax bills reflect the area's specific economic and real estate conditions, impacting homeowners' annual financial planning.
Average Mills River Tax Bill
$2,613
Average Buncombe County Tax Bill
$1,904
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mills River, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28759 | $1,875 | $2,135 | $2,613 | $3,163 | $3,718 |
Source: Ownwell