Bullock, North Carolina Property Taxes
The median property tax rate in Bullock, NC is 0.97%, 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 $107,584, the typical annual property tax bill in Bullock is $978, which is significantly lower than the national median of $2,690. Property taxes in Bullock are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bullock'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 Bullock 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
Bullock, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,044
$968
Ownwell’s Bullock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bullock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bullock 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 Bullock, North Carolina
Property taxes in Bullock, 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 Bullock is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bullock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bullock 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 Bullock's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27507 has both the highest and lowest median property tax rate of 0.97%, which aligns with Bullock's rate. Understanding how these areas compare with Bullock provides valuable insights into the varying tax landscape across Granville County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bullock Tax Rate
0.97%
Average Granville County Tax Rate
1.00%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | 0.67% | 0.93% | 0.97% | 1.05% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Bullock, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bullock, NC. 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 Granville 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 Bullock, 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. For instance, the median home price in Bullock is $107,584, with tax bills ranging from $647 at the 25th percentile to $2,534 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bullock Assessed Value
$107,584
Average Granville County Assessed Value
$137,588
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | $42,965 | $67,917 | $107,584 | $191,415 | $297,208 |
Source: Ownwell
Property Tax Bills Across Bullock, North Carolina
In Bullock, Granville County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Bullock is $107,584. Homeowners in this area can expect to pay property taxes that fall within a range, with the 25th percentile tax bill being $647 and the 75th percentile tax bill reaching $1,672. At the higher end, the 90th percentile tax bill can go up to $2,534. The property tax rate in Bullock is a critical factor influencing these bills, and it stands in comparison to the national median property tax rate of 0.99%. This range of tax bills affects homeowners by impacting their annual financial obligations and potentially influencing their decisions regarding property investments and homeownership in the area. Understanding these factors can help homeowners better prepare for their annual property tax responsibilities.
Average Bullock Tax Bill
$978
Average Granville County Tax Bill
$1,476
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | $447 | $647 | $978 | $1,672 | $2,534 |
Source: Ownwell