Broadway, North Carolina Property Taxes
The median property tax rate in Broadway, NC is 0.75%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $190,615 in Broadway, the typical annual property tax bill is $1,377, significantly below the national median of $2,690. Property taxes in Broadway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broadway'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 Broadway or another part of Harnett County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadway, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,430
$1,327
Ownwell’s Broadway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadway 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 Broadway, North Carolina
Property taxes in Broadway, 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 Broadway is 0.75%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Broadway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadway 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 Broadway's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27505 has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Broadway provides valuable insights into the varying tax landscape across Harnett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadway Tax Rate
0.75%
Average Harnett County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | 0.61% | 0.73% | 0.75% | 0.76% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Broadway, North Carolina
In Broadway, 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 Harnett 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 Broadway, 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 Broadway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27505 has both the highest and lowest median tax bill, valued at $1,377.
Property Tax Assessment Values Across Broadway, North Carolina
Source: Ownwell
$124,172
$203,073
$281,974
Average Broadway Assessed Value
$190,615
Average Harnett County Assessed Value
$199,846
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | $87,922 | $125,954 | $190,615 | $240,434 | $313,411 |
Source: Ownwell
Property Tax Bills Across Broadway, North Carolina
In Broadway, located in Harnett County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $190,615, homeowners in Broadway can expect a tax bill ranging from $884 at the 25th percentile to $2,122 at the 90th percentile. The tax rate in Harnett County influences these amounts, and it is important for homeowners to understand how changes in the assessed value or tax rate can impact their annual tax liability. Compared to the national median property tax rate of 0.99%, Broadway’s tax rates can result in varying tax bills, which can significantly affect homeowners' budgets. Homeowners should stay informed about their property’s assessed value and any changes in local tax rates to effectively manage their financial planning.
Average Broadway Tax Bill
$1,377
Average Harnett County Tax Bill
$1,570
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | $644 | $884 | $1,377 | $1,720 | $2,122 |
Source: Ownwell