Spring Hope, North Carolina Property Taxes
The median property tax rate in Spring Hope, NC is 0.94%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $118,350 in Spring Hope, the typical annual property tax bill amounts to $1,110, which is lower than the national median of $2,690. Property taxes in Spring Hope 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 Spring Hope'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 Spring Hope or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Hope, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,112
-$11,659
Ownwell’s SPRING HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING HOPE 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 Spring Hope, North Carolina
Property taxes in Spring Hope, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Hope is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Spring Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Hope 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 Spring Hope's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27882 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Spring Hope 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 Spring Hope Tax Rate
0.94%
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 Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | 0.80% | 0.92% | 0.94% | 0.99% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Spring Hope, North Carolina
In Spring Hope, 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 Franklin County 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 Spring Hope, 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 Spring Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27882 has both the highest and lowest median tax bill, standing at $1,110.
Property Tax Assessment Values Across Spring Hope, North Carolina
Source: Ownwell
$7,500
$126,575
$245,650
Average Spring Hope Assessed Value
$118,350
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 Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | $47,551 | $83,445 | $118,350 | $180,322 | $245,992 |
Source: Ownwell
Property Tax Bills Across Spring Hope, North Carolina
In Spring Hope, Franklin County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. Homeowners in this region experience property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $777, while the 75th percentile reaches $1,651, and the 90th percentile can go up to $2,125. These figures illustrate the range of tax burdens homeowners can face, depending on their property's assessed value and specific circumstances. The median home price in Spring Hope is $118,350, and with a median property tax bill of $1,110, the local tax rate is relatively comparable to the national median property tax rate of 0.99%. Factors such as property improvements, market conditions, and local government budget requirements can influence the assessed value, thereby affecting the tax bill. Understanding these elements can help homeowners anticipate their tax obligations and plan accordingly, ensuring they are not caught off guard by their property tax bills.
Average Spring Hope Tax Bill
$1,110
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 Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | $406 | $777 | $1,110 | $1,651 | $2,125 |
Source: Ownwell