Rich Square, North Carolina Property Taxes
The median property tax rate in Rich Square, NC is 1.34%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Rich Square at $54,819, the typical annual property tax bill reaches $737, which is notably lower than the national median of $2,690. Property taxes in Rich Square are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rich Square'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 Rich Square 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
Rich Square, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$735
Ownwell’s RICH SQUARE Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in RICH SQUARE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICH SQUARE 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 Rich Square, North Carolina
Property taxes in Rich Square, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rich Square is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rich Square set these rates annually, and they can vary across different neighborhoods. Each year, Rich Square 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 Rich Square's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27869 zip code has the highest median property tax rate of 1.34%, while the 27869 zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Rich Square provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rich Square Tax Rate
1.34%
Average Northampton County Tax Rate
1.04%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | 0.86% | 1.03% | 1.34% | 1.90% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Rich Square, North Carolina
In Rich Square, 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 Northampton 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 Rich Square, 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. The median tax bill in Rich Square is $737, with the highest and lowest median tax bills both occurring in the 27869 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Rich Square, North Carolina
Source: Ownwell
$13,345
$187,955
$362,565
Average Rich Square Assessed Value
$54,819
Average Northampton County Assessed Value
$67,893
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | $10,050 | $24,528 | $54,819 | $85,183 | $127,054 |
Source: Ownwell
Property Tax Bills Across Rich Square, North Carolina
In Rich Square, located in Northampton County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $54,819. Homeowners can expect their tax bills to fall within a range, with the 25th percentile at $417 and the 75th percentile reaching up to $1,177. For those in the 90th percentile, tax bills can go up to $1,749. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value, thereby impacting the final tax amount. Compared to the national median property tax rate of 0.99%, the rates in Rich Square may vary, affecting homeowners differently based on their property’s assessed value. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Rich Square Tax Bill
$737
Average Northampton County Tax Bill
$808
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Rich Square, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27869 | $118 | $417 | $737 | $1,177 | $1,749 |
Source: Ownwell