Mount Gilead, North Carolina Property Taxes
The median property tax rate in MOUNT GILEAD, NC is 0.65%, which is 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 MOUNT GILEAD at $77,620, the typical annual property tax bill reaches $528, significantly below the national median of $2,690. Property taxes in MOUNT GILEAD are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MOUNT GILEAD'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 MOUNT GILEAD 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
Mount Gilead, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$505
Ownwell’s Mount Gilead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Gilead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Gilead 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 Mount Gilead, North Carolina
Property taxes in Mount Gilead, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Gilead is 0.65%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Mount Gilead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Gilead 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 Mount Gilead's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27306 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Mount Gilead provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Gilead Tax Rate
0.65%
Average Montgomery County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | 0.61% | 0.62% | 0.65% | 0.68% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Mount Gilead, North Carolina
In Mount Gilead, 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 Montgomery 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 Mount Gilead, 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 Mount Gilead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $528.00 in the zip code 27306, providing a clear picture of the local tax landscape.
Property Tax Assessment Values Across Mount Gilead, North Carolina
Source: Ownwell
$59,132
$95,947
$132,762
Average Mount Gilead Assessed Value
$77,620
Average Montgomery County Assessed Value
$75,538
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | $25,330 | $35,693 | $77,620 | $191,693 | $406,662 |
Source: Ownwell
Property Tax Bills Across Mount Gilead, North Carolina
In Mount Gilead, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Montgomery County tax assessor. The median home price in Mount Gilead is $77,620. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. Various factors, such as property location, size, and improvements, influence the assessed value. Homeowners in Mount Gilead can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is $236, while the 75th percentile tax bill reaches $1,368, and the 90th percentile tax bill can be as high as $2,677. Comparatively, the median property tax bill in the area is $528, which is lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners' finances, influencing their budgeting and overall cost of homeownership. Understanding how these taxes are calculated can help homeowners manage their expenses more effectively.
Average Mount Gilead Tax Bill
$528
Average Montgomery County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | $157 | $236 | $528 | $1,368 | $2,677 |
Source: Ownwell