Walnut Cove, North Carolina Property Taxes
The median property tax rate in Walnut Cove, NC is 0.82%, aligning with the North Carolina state median but notably lower than the national median of 0.99%. With a median home value of $144,100 in Walnut Cove, the typical annual property tax bill amounts to $1,105, which is below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Walnut Cove'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 Walnut Cove 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
Walnut Cove, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,182
$1,097
Ownwell’s Walnut Cove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Cove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Cove 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 Walnut Cove, North Carolina
Property taxes in Walnut Cove, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Cove is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Walnut Cove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Cove 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 Walnut Cove's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27052 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Walnut Cove 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 Walnut Cove Tax Rate
0.82%
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 Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | 0.67% | 0.78% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Cove, North Carolina
In Walnut Cove, 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 Walnut Cove, 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 Walnut Cove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,105, found in the 27052 zip code.
Property Tax Assessment Values Across Walnut Cove, North Carolina
Source: Ownwell
$36,300
$196,950
$357,600
Average Walnut Cove Assessed Value
$144,100
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 Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | $49,560 | $94,400 | $144,100 | $204,900 | $305,840 |
Source: Ownwell
Property Tax Bills Across Walnut Cove, North Carolina
In Walnut Cove, Forsyth County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. For example, with a median home price of $144,100, the property tax bill can vary significantly. Homeowners in the 25th percentile might see tax bills around $679, while those in the 75th percentile could face bills up to $1,562. At the 90th percentile, tax bills can reach as high as $2,347. These variations are influenced by factors such as property location, size, and improvements. Compared to the national median property tax rate of 0.99%, Walnut Cove's rate reflects local economic conditions and public service funding needs. Higher tax bills can impact homeowners by increasing annual expenses, but they also contribute to essential community services like schools and public safety. Understanding these factors helps homeowners better anticipate their financial obligations.
Average Walnut Cove Tax Bill
$1,105
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 Walnut Cove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27052 | $347 | $679 | $1,105 | $1,562 | $2,347 |
Source: Ownwell