Hope Mills, North Carolina Property Taxes
The median property tax rate in Hope Mills, NC is 1.11%, which is higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $130,536 in Hope Mills, the typical annual property tax bill is $1,647, still below the national median of $2,690. Property taxes in Hope Mills are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Hope Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in the heart of Hope Mills or another part of the city, understanding the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope Mills, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,449
Ownwell’s Hope Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope Mills, North Carolina
Property taxes in Hope Mills, 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 Hope Mills is 1.11%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Hope Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope Mills' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28348 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Hope Mills provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Mills Tax Rate
1.11%
Average Cumberland County Tax Rate
1.48%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28348 | 0.91% | 1.01% | 1.11% | 1.55% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Hope Mills, North Carolina
In Hope Mills, 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 Cumberland 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 Hope 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 Hope Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,647 in the 28348 zip code.
Property Tax Assessment Values Across Hope Mills, North Carolina
Source: Ownwell
$22,900
$86,172
$149,444
Average Hope Mills Assessed Value
$130,536
Average Cumberland County Assessed Value
$115,098
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28348 | $56,260 | $92,146 | $130,536 | $186,015 | $250,992 |
Source: Ownwell
Property Tax Bills Across Hope Mills, North Carolina
In Hope Mills, located in Cumberland County, NC, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Hope Mills is $130,536, and the property tax rate in Cumberland County is aligned with the national median of 0.99%. For homeowners in Hope Mills, property tax bills can vary significantly. The 25th percentile tax bill is around $1,091, while the 75th percentile tax bill reaches approximately $2,169. At the higher end, the 90th percentile tax bill can be as much as $2,623. The highest median tax bill recorded in the area is $1,647, specifically in the 28348 zip code. These variations in tax bills are influenced by factors such as property size, location, and improvements made to the property. Understanding these factors can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Hope Mills Tax Bill
$1,647
Average Cumberland County Tax Bill
$1,668
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope Mills, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28348 | $610 | $1,091 | $1,647 | $2,169 | $2,623 |
Source: Ownwell