Mars Hill, North Carolina Property Taxes
The median property tax rate in Mars Hill, NC is 0.64%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $202,338 in Mars Hill, the typical annual property tax bill is $1,265, well below the national median of $2,690. Property taxes in Mars Hill are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mars Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mars Hill or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mars Hill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,295
$1,202
Ownwell’s Mars Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mars Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mars Hill 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 Mars Hill, North Carolina
Property taxes in Mars Hill, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mars Hill is 0.64%, lower than the U.S. national median of 0.99%. Local government entities within Mars Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mars Hill 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 Mars Hill's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28754 zip code has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Mars Hill 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 Mars Hill Tax Rate
0.64%
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 Mars Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28754 | 0.57% | 0.59% | 0.64% | 0.69% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Mars Hill, North Carolina
In Mars Hill, 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 Mars Hill, 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 Mars Hill 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 Mars Hill are both $1,265, found in the zip code 28754.
Property Tax Assessment Values Across Mars Hill, North Carolina
Source: Ownwell
$140,735
$214,348
$287,960
Average Mars Hill Assessed Value
$202,338
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 Mars Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28754 | $80,911 | $130,096 | $202,338 | $289,404 | $402,981 |
Source: Ownwell
Property Tax Bills Across Mars Hill, North Carolina
In Mars Hill, located in Madison County, NC, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, if a home is assessed at the median home price of $202,338, the property tax bill could vary significantly based on the assessed value and applicable tax rate. Factors such as the property's location, size, and any improvements made can influence its assessed value. Homeowners in Mars Hill can expect their property tax bills to fall within a range, with the 25th percentile at $863 and the 75th percentile at $1766. The highest median tax bill in the area stands at $1265. Compared to the national median property tax rate of 0.99%, Mars Hill's rates may offer some relief or burden depending on individual property assessments. This system ensures that property taxes reflect the current market conditions and property values, impacting homeowners' annual financial planning.
Average Mars Hill Tax Bill
$1,265
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 Mars Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28754 | $582 | $863 | $1,265 | $1,766 | $2,386 |
Source: Ownwell