Advance, North Carolina Property Taxes
The median property tax rate in Advance, NC is 0.80%, slightly below the state median of 0.82% and the national median of 0.99%. With the median home value in Advance at $245,800, the typical annual property tax bill amounts to $2,016, which is lower than the national median of $2,690. Property taxes in Advance are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Advance'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 Advance 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
Advance, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,966
-$20,608
Ownwell’s Advance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Advance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Advance 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 Advance, North Carolina
Property taxes in Advance, 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 Advance is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Advance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Advance 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 Advance's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27006 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Advance provides valuable insights into the varying tax landscape across Davie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Advance Tax Rate
0.80%
Average Davie County Tax Rate
0.77%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Advance, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27006 | 0.77% | 0.77% | 0.80% | 0.82% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Advance, North Carolina
In Advance, 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 Davie 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 Advance, 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 Advance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $245,800, with tax bills ranging from $1,327 at the 25th percentile to $3,990 at the 90th percentile. The zip code 27006 has both the highest and lowest median tax bill at $2,016.
Average Advance Assessed Value
$245,800
Average Davie County Assessed Value
$176,350
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Advance, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27006 | $114,076 | $164,468 | $245,800 | $347,468 | $473,505 |
Source: Ownwell
Property Tax Bills Across Advance, North Carolina
In Advance, Davie County, NC, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of your property. The local tax rate is then applied to this assessed value to calculate your annual tax bill. Homeowners in Advance can expect varying tax bills depending on the value of their property. For instance, the median home price is $245,800, and tax bills range significantly. At the 25th percentile, homeowners might pay around $1,327, while those at the 75th percentile could see bills as high as $2,850. The top 10% of homeowners face even steeper bills, with amounts reaching up to $3,990. Compared to the national median property tax rate of 0.99%, Advance's tax rates can lead to substantial yearly costs for homeowners. These property taxes are crucial for funding local services, including schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Advance Tax Bill
$2,016
Average Davie County Tax Bill
$1,442
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Advance, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27006 | $884 | $1,327 | $2,016 | $2,850 | $3,990 |
Source: Ownwell