Spring Hope, North Carolina Property Taxes
The median property tax rate in Spring Hope, NC is 0.86%, slightly higher than the state median of 0.82% but lower than the national median of 0.99%. With the median home value in Spring Hope at $83,550, the typical annual property tax bill is $712, significantly below the national median of $2,690. Property taxes in Spring Hope are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Spring Hope'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 Spring Hope or another part of Nash County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Hope, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$719
Ownwell’s SPRING HOPE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING HOPE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING HOPE 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 Spring Hope, North Carolina
Property taxes in Spring Hope, 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 Spring Hope is 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Spring Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Hope 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 Spring Hope's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27882 has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Spring Hope provides valuable insights into the varying tax landscape across Nash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Hope Tax Rate
0.86%
Average Nash County Tax Rate
0.72%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | 0.62% | 0.77% | 0.86% | 0.95% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Spring Hope, North Carolina
In Spring Hope, 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 Nash 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 Spring Hope, 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 Spring Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Spring Hope is $83,550, with tax bills ranging from $485 at the 25th percentile to $1,760 at the 90th percentile. The highest and lowest median tax bills are both $712 in the 27882 zip code.
Property Tax Assessment Values Across Spring Hope, North Carolina
Source: Ownwell
$29,310
$100,405
$171,500
Average Spring Hope Assessed Value
$83,550
Average Nash County Assessed Value
$102,010
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | $34,873 | $57,285 | $83,550 | $138,558 | $231,715 |
Source: Ownwell
Property Tax Bills Across Spring Hope, North Carolina
Property tax bills in Spring Hope, Nash County, NC, are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value represents the market value of the property, which is periodically evaluated by county tax assessors. Homeowners in Spring Hope can expect their property tax bills to vary significantly based on the assessed value of their homes. For instance, the median home price in Spring Hope is $83,550, and tax bills can range from $485 at the 25th percentile to $1,760 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, making Spring Hope's property taxes relatively moderate. The highest and lowest median tax bills in the area both stand at $712, indicating a consistent tax rate across different zip codes within the city. Understanding these factors helps homeowners anticipate their annual property tax obligations, ensuring better financial planning and stability.
Average Spring Hope Tax Bill
$712
Average Nash County Tax Bill
$784
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Hope, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27882 | $279 | $485 | $712 | $1,101 | $1,760 |
Source: Ownwell