Raeford, North Carolina Property Taxes
The median property tax rate in Raeford, NC is 0.87%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Raeford at $183,410, the typical annual property tax bill is $1,560, which is below the national median of $2,690. Property taxes in Raeford are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Raeford'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 Raeford or another part of Hoke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Raeford, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,596
Ownwell’s Raeford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raeford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raeford 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 Raeford, North Carolina
Property taxes in Raeford, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Raeford is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Raeford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raeford 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 Raeford's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28376 zip code has the highest median property tax rate of 0.87%, while the lowest median tax rate is also 0.87%. Understanding how these cities compare with Raeford provides valuable insights into the varying tax landscape across Hoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raeford Tax Rate
0.87%
Average Hoke County Tax Rate
0.88%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raeford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28376 | 0.72% | 0.81% | 0.87% | 0.90% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Raeford, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Raeford, North Carolina. 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 Hoke 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. Assessment notices in Raeford 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 Raeford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Zip code 28376 has the highest and lowest median tax bill of $1,560.
Average Raeford Assessed Value
$183,410
Average Hoke County Assessed Value
$178,870
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raeford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28376 | $73,070 | $133,660 | $183,410 | $242,892 | $302,937 |
Source: Ownwell
Property Tax Bills Across Raeford, North Carolina
Property tax bills in Raeford, located in Hoke County, NC, are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $183,410, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,121, while those in the 75th percentile face bills up to $2,021. At the 90th percentile, tax bills can reach $2,477. The property tax rate in Raeford is competitive when compared to the national median property tax rate of 0.99%. This rate ensures that homeowners contribute fairly to local services such as schools, public safety, and infrastructure. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively. The highest and lowest median tax bills in Raeford's primary zip code, 28376, are both $1,560, illustrating a relatively consistent tax environment within the city.
Average Raeford Tax Bill
$1,560
Average Hoke County Tax Bill
$1,520
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Raeford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28376 | $562 | $1,121 | $1,560 | $2,021 | $2,477 |
Source: Ownwell