Colfax, North Carolina Property Taxes
The median property tax rate in Colfax, NC is 0.83%, slightly higher than the state median of 0.82% but below the national median of 0.99%. With the median home value in Colfax at $302,500, the typical annual property tax bill amounts to $2,398, which is lower than the national median of $2,690. Property taxes in Colfax are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Colfax'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 Colfax or another part of Forsyth County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,511
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, North Carolina
Property taxes in Colfax, 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 Colfax is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27235 has the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Colfax provides valuable insights into the varying tax landscape across Forsyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
0.83%
Average Forsyth County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27235 | 0.78% | 0.78% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, North Carolina
In Colfax, 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 Forsyth 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 Colfax, 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 Colfax 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 $2,398 in the 27235 zip code, while the lowest median tax bill is also $2,398 in the same zip code.
Average Colfax Assessed Value
$302,500
Average Forsyth County Assessed Value
$158,600
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27235 | $188,680 | $217,300 | $302,500 | $358,100 | $421,580 |
Source: Ownwell
Property Tax Bills Across Colfax, North Carolina
In Colfax, Forsyth County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. With a median home price of $302,500, homeowners in Colfax can expect varying tax bills depending on the value of their property. Factors such as the property's location, size, and improvements can influence the assessed value. For example, the 25th percentile tax bill is around $1,737, while the 75th percentile tax bill is approximately $2,860. At the higher end, the 90th percentile tax bill reaches $3,408. These figures illustrate the range of property tax responsibilities homeowners may face. Compared to the national median property tax rate of 0.99%, the tax rates in Forsyth County are competitive, potentially making Colfax an attractive area for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Colfax Tax Bill
$2,398
Average Forsyth County Tax Bill
$1,755
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27235 | $1,485 | $1,737 | $2,398 | $2,860 | $3,408 |
Source: Ownwell