Shannon, North Carolina Property Taxes
The median property tax rate in Shannon, NC is 0.93%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value in Shannon of $103,970, the typical annual property tax bill reaches $844, which is below the national median of $2,690. Property taxes in Shannon are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Shannon'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 Shannon 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
Shannon, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$967
Ownwell’s Shannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon 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 Shannon, North Carolina
Property taxes in Shannon, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Shannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon 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 Shannon's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28386 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Shannon 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 Shannon Tax Rate
0.93%
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 Shannon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28386 | 0.59% | 0.83% | 0.93% | 1.04% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Shannon, North Carolina
In Shannon, 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 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. In Shannon, 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 Shannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Shannon is $844 in the 28386 zip code, while the lowest median tax bill is also $844 in the same zip code.
Average Shannon Assessed Value
$103,970
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 Shannon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28386 | $33,538 | $55,265 | $103,970 | $163,405 | $278,728 |
Source: Ownwell
Property Tax Bills Across Shannon, North Carolina
In Shannon, located in Hoke County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Shannon, the median home price stands at $103,970. The property tax rate in this region is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements made to the home. In Shannon, property tax bills can vary significantly, with the 25th percentile paying around $484, while the 75th percentile sees bills around $1,374. At the higher end, the 90th percentile of homeowners face tax bills up to $2,213. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Shannon Tax Bill
$844
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 Shannon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28386 | $329 | $484 | $844 | $1,374 | $2,213 |
Source: Ownwell