Gates, North Carolina Property Taxes
The median property tax rate in Gates, NC is 1.04%, notably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $119,354 in Gates, the typical annual property tax bill amounts to $1,216, surpassing the national median of $2,690. Property taxes in Gates are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Gates' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gates or another part of the county, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gates, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,241
Ownwell’s Gates Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gates with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gates 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 Gates, North Carolina
Property taxes in Gates, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gates is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Gates set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gates 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 Gates' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27937 zip code has the highest median property tax rate of 1.04%, while the 27937 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Gates provides valuable insights into the varying tax landscape across Gates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gates Tax Rate
1.04%
Average Gates County Tax Rate
1.03%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gates, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27937 | 0.66% | 0.93% | 1.04% | 1.12% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Gates, North Carolina
In Gates, 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 local 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 Gates, 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 Gates helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27937, with a median tax bill of $1,216.
Average Gates Assessed Value
$119,354
Average Gates County Assessed Value
$119,144
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gates, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27937 | $42,914 | $77,380 | $119,354 | $163,262 | $229,948 |
Source: Ownwell
Property Tax Bills Across Gates, North Carolina
Property tax bills in Gates, NC, are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined by the county and reflects the market value of the home. For instance, with a median home price of $119,354 in Gates, the property tax rate is applied to this value to calculate the annual tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Gates can expect a wide range of tax bills. The 25th percentile tax bill is around $781, while the 75th percentile tax bill reaches $1,572, and the 90th percentile tax bill can be as high as $2,030. Compared to the national median property tax rate of 0.99%, Gates' tax rates can significantly impact homeowners' finances. Understanding these factors is crucial for property owners to budget accordingly and ensure they are not overpaying on their property taxes.
Average Gates Tax Bill
$1,216
Average Gates County Tax Bill
$1,215
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Gates, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27937 | $486 | $781 | $1,216 | $1,572 | $2,030 |
Source: Ownwell