Hot Springs, North Carolina Property Taxes
The median property tax rate in Hot Springs, NC is 0.59%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hot Springs, the typical annual property tax bill reaches $830, significantly below the national median of $2,690. Property taxes in Hot Springs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hot Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hot Springs 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
Hot Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$830
Ownwell’s Hot Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hot Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hot Springs 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 Hot Springs, North Carolina
Property taxes in Hot Springs, 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 Hot Springs is 0.59%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hot Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hot Springs 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 Hot Springs' effective property tax rate to other areas in Madison County and the national median. For comparison, the zip code 28743 has both the highest and lowest median property tax rate of 0.59%. Understanding how these rates compare with Hot Springs provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hot Springs Tax Rate
0.59%
Average Madison County Tax Rate
0.62%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hot Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28743 | 0.50% | 0.54% | 0.59% | 0.69% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Hot Springs, North Carolina
In Hot Springs, 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 Madison 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 Hot Springs, 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 Hot Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $830.00, found in the 28743 zip code.
Property Tax Assessment Values Across Hot Springs, North Carolina
Source: Ownwell
$140,735
$214,348
$287,960
Average Hot Springs Assessed Value
$140,735
Average Madison County Assessed Value
$177,610
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hot Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28743 | $52,849 | $82,494 | $140,735 | $237,370 | $374,237 |
Source: Ownwell
Property Tax Bills Across Hot Springs, North Carolina
In Hot Springs, Madison County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor, who evaluates the property's market value and applies the local assessment rate. Homeowners in Hot Springs see property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $572, while the 75th percentile reaches up to $1,299, and those in the 90th percentile might pay as much as $1,873 annually. The median home price in Hot Springs is $140,735, and the property tax rate in this region impacts homeowners differently compared to the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners must stay informed about these factors to anticipate changes in their property taxes and manage their financial planning effectively.
Average Hot Springs Tax Bill
$830
Average Madison County Tax Bill
$1,078
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hot Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28743 | $397 | $572 | $830 | $1,299 | $1,873 |
Source: Ownwell