Bunn, North Carolina Property Taxes
The median property tax rate in Bunn, NC is 0.97%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $96,450 in Bunn, the typical annual property tax bill is $1,007, which is below the national median of $2,690. Property taxes in Bunn are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Bunn'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 Bunn or another part of Franklin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bunn, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$936
-$9,805
Ownwell’s Bunn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bunn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bunn 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 Bunn, North Carolina
Property taxes in Bunn, North Carolina, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunn is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Bunn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bunn 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 Bunn's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27508 zip code has the same median property tax rate of 0.97%. Understanding how these cities compare with Bunn provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bunn Tax Rate
0.97%
Average Franklin County Tax Rate
0.94%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bunn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27508 | 0.84% | 0.92% | 0.97% | 1.39% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Bunn, North Carolina
In Bunn, 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 Franklin 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 Bunn, 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 Bunn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 27508, with a median tax bill of $1007.
Average Bunn Assessed Value
$96,450
Average Franklin County Assessed Value
$157,340
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bunn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27508 | $27,903 | $64,358 | $96,450 | $145,158 | $225,543 |
Source: Ownwell
Property Tax Bills Across Bunn, North Carolina
In Bunn, located in Franklin County, NC, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Bunn is $96,450. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $685 and the 75th percentile reaching $1,448. For those in the 90th percentile, tax bills can go up to $2,079. These variations are influenced by the assessed value of the property and any applicable exemptions or deductions. The tax rate in Bunn is influenced by local government budgets and public service funding needs. Compared to the national median property tax rate of 0.99%, Bunn’s tax rates can be considered moderate, although individual bills can differ widely based on property values and specific circumstances. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations and long-term property affordability.
Average Bunn Tax Bill
$1,007
Average Franklin County Tax Bill
$1,492
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bunn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27508 | $344 | $685 | $1,007 | $1,448 | $2,079 |
Source: Ownwell