Brown Summit, North Carolina Property Taxes
The median property tax rate in Brown Summit, NC is 1.04%, higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Brown Summit at $249,750, the typical annual property tax bill reaches $2,893, exceeding the national median of $2,690. Property taxes in Brown Summit are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Brown Summit'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 Brown Summit 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
Brown Summit, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$2,597
$2,410
Ownwell’s Brown Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brown Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brown Summit 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 Brown Summit, North Carolina
Property taxes in Brown Summit, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brown Summit is 1.04%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Brown Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brown Summit 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 Brown Summit's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27214 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Brown Summit provides valuable insights into the varying tax landscape across Guilford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brown Summit Tax Rate
1.04%
Average Guilford County Tax Rate
1.35%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brown Summit, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27214 | 0.91% | 0.98% | 1.04% | 1.13% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Brown Summit, North Carolina
In Brown Summit, 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 Guilford 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 Brown Summit, 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 highest median tax bill in Brown Summit is $2,893 in the 27214 zip code. Being aware of these valuation processes in Brown Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Brown Summit, North Carolina
Source: Ownwell
$15,000
$189,700
$364,400
Average Brown Summit Assessed Value
$249,750
Average Guilford County Assessed Value
$164,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brown Summit, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27214 | $78,610 | $156,325 | $249,750 | $306,800 | $319,040 |
Source: Ownwell
Property Tax Bills Across Brown Summit, North Carolina
In Brown Summit, located in Guilford County, NC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county tax assessor and reflects the market value of the property. Homeowners in Brown Summit can expect their tax bills to vary depending on the assessed value of their homes and the local tax rate. For instance, the median home price in Brown Summit is $249,750. Property tax bills here can range significantly, with the 25th percentile tax bill at $2,097 and the 75th percentile tax bill reaching $3,158. The 90th percentile tax bill goes up to $3,321. These figures indicate that property taxes in Brown Summit can be a substantial expense for homeowners, affecting their overall financial planning. Compared to the national median property tax rate of 0.99%, the tax burdens in Brown Summit reflect the local economic conditions and property values, highlighting the importance of understanding property assessments and tax rates for homeowners in this area.
Average Brown Summit Tax Bill
$2,893
Average Guilford County Tax Bill
$1,922
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Brown Summit, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27214 | $976 | $2,097 | $2,893 | $3,158 | $3,321 |
Source: Ownwell