Prospect Hill, North Carolina Property Taxes
The median property tax rate in Prospect Hill, NC is 0.85%, slightly lower than the national median of 0.99% but higher than North Carolina's state median of 0.82%. With a median home value of $124,980 in Prospect Hill, the typical annual property tax bill amounts to $1,020, which is below the national median of $2,690. Property taxes here are determined based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Prospect Hill'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 Prospect Hill or another part of Caswell County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prospect Hill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,062
Ownwell’s Prospect Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prospect Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prospect Hill 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 Prospect Hill, North Carolina
Property taxes in Prospect Hill, 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 Prospect Hill is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Prospect Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prospect Hill 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 Prospect Hill's effective property tax rate to other areas in Caswell County and the national median. For comparison, the zip code 27314 has the highest median property tax rate of 0.85%, while the same zip code, 27314, also has the lowest median tax rate of 0.85%. Understanding how these figures compare with Prospect Hill provides valuable insights into the varying tax landscape across Caswell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prospect Hill Tax Rate
0.85%
Average Caswell County Tax Rate
0.87%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prospect Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27314 | 0.55% | 0.81% | 0.85% | 0.90% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Prospect Hill, North Carolina
In Prospect Hill, 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 Caswell 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 Prospect Hill, 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 Prospect Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prospect Hill is $124,980, with tax bills ranging from $686 at the 25th percentile to $2,233 at the 90th percentile. The highest and lowest median tax bills are both $1,020 in the 27314 zip code.
Property Tax Assessment Values Across Prospect Hill, North Carolina
Source: Ownwell
$73,037
$187,890
$302,742
Average Prospect Hill Assessed Value
$124,980
Average Caswell County Assessed Value
$93,808
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prospect Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27314 | $58,590 | $78,356 | $124,980 | $211,152 | $314,516 |
Source: Ownwell
Property Tax Bills Across Prospect Hill, North Carolina
In Prospect Hill, NC, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The median home price in Prospect Hill is $124,980. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $686, while those in the 75th percentile may see bills up to $1,596. The highest tax bills, in the 90th percentile, can reach $2,233. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their monthly mortgage payments if taxes are escrowed. Compared to the national median property tax rate of 0.99%, the tax rates in Prospect Hill can vary significantly, reflecting local budgetary needs and property values. Homeowners should be aware of these factors as they can impact long-term financial planning and the affordability of owning property in this region.
Average Prospect Hill Tax Bill
$1,020
Average Caswell County Tax Bill
$799
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Prospect Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27314 | $504 | $686 | $1,020 | $1,596 | $2,233 |
Source: Ownwell