Wallace, North Carolina Property Taxes
The median property tax rate in Wallace, NC is 0.98%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Wallace at $80,200, the typical annual property tax bill amounts to $981, which is below the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wallace'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 Wallace 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
Wallace, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$786
$729
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, North Carolina
Property taxes in Wallace, North Carolina, are essential for funding key local services, including public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28466 has a median property tax rate of 0.98%, which aligns with Wallace's rate. Understanding how these cities compare with Wallace provides valuable insights into the varying tax landscape across Duplin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wallace Tax Rate
0.98%
Average Duplin County Tax Rate
0.96%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | 0.80% | 0.85% | 0.98% | 1.35% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, North Carolina
In Wallace, 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 Duplin 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 Wallace, 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. The median home price in Wallace is $80,200, with tax bills ranging from $571 at the 25th percentile to $3,141 at the 90th percentile. The highest and lowest median tax bills are both $981 in the 28466 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wallace Assessed Value
$80,200
Average Duplin County Assessed Value
$70,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | $20,440 | $47,200 | $80,200 | $163,000 | $350,320 |
Source: Ownwell
Property Tax Bills Across Wallace, North Carolina
In Wallace, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is periodically reassessed to reflect current market conditions. For example, with a median home price of $80,200, the tax bill can vary significantly depending on the specific valuation and applicable exemptions. Factors such as property location, improvements, and comparable home sales in the area are considered during the assessment process. Homeowners in Wallace can expect tax bills ranging from $571 at the 25th percentile to $1,908 at the 75th percentile, with some reaching up to $3,141 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Wallace's tax bills provide a diverse range, impacting homeowners differently based on their property's assessed value. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Wallace Tax Bill
$981
Average Duplin County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28466 | $331 | $571 | $981 | $1,908 | $3,141 |
Source: Ownwell