South Mills, North Carolina Property Taxes
The median property tax rate in South Mills, NC is 0.60%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in South Mills, the typical annual property tax bill reaches $1,845, which is below the national median of $2,690. Property taxes in South Mills 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 South Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of South Mills 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
South Mills, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,949
$1,808
Ownwell’s South Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Mills 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 South Mills, North Carolina
Property taxes in South Mills, North Carolina, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in South Mills is 0.60%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within South Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Mills 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 South Mills' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27976 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with South Mills provides valuable insights into the varying tax landscape across Camden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Mills Tax Rate
0.60%
Average Camden County Tax Rate
0.62%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27976 | 0.51% | 0.57% | 0.60% | 0.63% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across South Mills, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in South Mills, North Carolina. 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 Camden 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 South Mills, 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 South Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,845, found in the 27976 zip code.
Property Tax Assessment Values Across South Mills, North Carolina
Source: Ownwell
$97,862
$211,314
$324,766
Average South Mills Assessed Value
$324,766
Average Camden County Assessed Value
$282,772
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27976 | $98,405 | $191,817 | $324,766 | $400,917 | $466,579 |
Source: Ownwell
Property Tax Bills Across South Mills, North Carolina
In South Mills, Camden County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in South Mills is $324,766. Homeowners in this region experience property tax bills that vary significantly depending on their property's assessed value and specific tax rates applied by the county. For instance, the 25th percentile tax bill is $1,140, while the 75th percentile tax bill reaches $2,308, and the 90th percentile tax bill can go up to $2,779. These tax bills are influenced by factors such as the property's assessed value, which is determined by the county's tax assessor, and the local tax rate. Compared to the national median property tax rate of 0.99%, South Mills homeowners may find their tax bills to be relatively manageable, depending on their property's value. Understanding these factors helps homeowners anticipate their annual property tax obligations, allowing them to budget accordingly and avoid any surprises.
Average South Mills Tax Bill
$1,845
Average Camden County Tax Bill
$1,669
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across South Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27976 | $637 | $1,140 | $1,845 | $2,308 | $2,779 |
Source: Ownwell