Thomasville, North Carolina Property Taxes
The median property tax rate in Thomasville, NC is 1.35%, significantly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Thomasville at $262,600, the typical annual property tax bill reaches $3,540, far exceeding the national median of $2,690. Property taxes in Thomasville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thomasville'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 Thomasville 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
Thomasville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$3,545
$3,290
Ownwell’s Thomasville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomasville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomasville 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 Thomasville, North Carolina
Property taxes in Thomasville, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomasville is 1.35%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Thomasville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomasville 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 Thomasville's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27360 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Thomasville 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 Thomasville Tax Rate
1.35%
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Thomasville, North Carolina
In Thomasville, 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 Thomasville, 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. The median home price in Thomasville is $262,600, with the highest and lowest median tax bills both at $3,540 in the 27360 zip code. 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 Thomasville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Thomasville, North Carolina
Source: Ownwell
$15,000
$189,700
$364,400
Average Thomasville Assessed Value
$262,600
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | $262,600 | $262,600 | $262,600 | $262,600 | $262,600 |
Source: Ownwell
Property Tax Bills Across Thomasville, North Carolina
In Thomasville, located in Guilford County, NC, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is based on the market value of the home, which for Thomasville has a median home price of $262,600. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Thomasville, homeowners experience a median property tax bill of $3,540, which is considerably higher than the national median property tax rate of 0.99%. This higher tax bill can significantly impact homeowners by increasing their annual housing costs. Factors such as the property’s location within the county, any improvements made to the property, and the overall market conditions can influence the assessed value and, consequently, the tax bill. Understanding these factors can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Thomasville Tax Bill
$3,540
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | $3,540 | $3,540 | $3,540 | $3,540 | $3,540 |
Source: Ownwell