Bennett, North Carolina Property Taxes
The median property tax rate in Bennett, NC is 0.46%, 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 Bennett at $90,720, the typical annual property tax bill reaches $423, significantly below the national median of $2,690. Property taxes in Bennett 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 Bennett'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 Bennett 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
Bennett, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$417
$387
Ownwell’s Bennett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennett 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 Bennett, North Carolina
Property taxes in Bennett, 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 Bennett is 0.46%, which is lower than the U.S. national median of 0.99%. Local government entities within Bennett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennett 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 Bennett's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27208 zip code has the highest median property tax rate of 0.46%, while the same zip code also has the lowest median tax rate of 0.46%. Understanding how these areas compare with Bennett provides valuable insights into the varying tax landscape across Moore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennett Tax Rate
0.46%
Average Moore County Tax Rate
0.60%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennett, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | 0.45% | 0.45% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Bennett, North Carolina
In Bennett, 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 Moore 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 Bennett, 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 Bennett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $423 in the 27208 zip code, while the lowest median tax bill is also $423 in the same zip code.
Average Bennett Assessed Value
$90,720
Average Moore County Assessed Value
$305,820
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennett, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | $39,780 | $61,280 | $90,720 | $157,505 | $238,347 |
Source: Ownwell
Property Tax Bills Across Bennett, North Carolina
In Bennett, Moore County, NC, property tax bills are calculated based on the assessed value of a home. The median home price in Bennett is $90,720. Property taxes are determined by multiplying the assessed value by the local tax rate. The tax bill can vary significantly, with the 25th percentile at $273 and the 75th percentile reaching $764. The 90th percentile tax bill is $1,084, indicating that higher-valued properties incur larger tax bills. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Higher assessed values naturally result in higher tax bills, affecting homeowners' annual expenses. For instance, the highest median tax bill in Bennett is $423, a stark contrast to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their property tax responsibilities.
Average Bennett Tax Bill
$423
Average Moore County Tax Bill
$1,694
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennett, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | $181 | $273 | $423 | $764 | $1,084 |
Source: Ownwell