Timberlake, North Carolina Property Taxes
The median property tax rate in Timberlake, NC is 1.03%, slightly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Timberlake being $121,250, the typical annual property tax bill reaches $1,191, which is still below the national median of $2,690. Property taxes in Timberlake 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 Timberlake'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 Timberlake 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
Timberlake, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,249
$1,159
Ownwell’s Timberlake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Timberlake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Timberlake 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 Timberlake, North Carolina
Property taxes in Timberlake, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Timberlake is 0.88%, lower than the North Carolina state median of 0.84% but still below the U.S. national median of 0.99%. Local government entities within Timberlake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Timberlake 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 Timberlake's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27583 zip code has the highest median property tax rate of 0.88%, while the 27583 zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Timberlake provides valuable insights into the varying tax landscape across Person County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Timberlake Tax Rate
1.03%
Average Orange County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | 0.90% | 0.97% | 1.03% | 1.05% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Timberlake, North Carolina
In Timberlake, 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 Orange 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 Timberlake, 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 Timberlake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27583 has both the highest and lowest median tax bill, recorded at $1,191.
Property Tax Assessment Values Across Timberlake, North Carolina
Source: Ownwell
$30,900
$291,050
$551,200
Average Timberlake Assessed Value
$121,250
Average Orange County Assessed Value
$295,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | $87,780 | $102,500 | $121,250 | $211,225 | $337,860 |
Source: Ownwell
Property Tax Bills Across Timberlake, North Carolina
In Timberlake, NC, located in Orange County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Timberlake, the median home price is $121,250. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,040 and the 75th percentile at $1,862. The highest median tax bill in the area is $1,191, which is notably higher than the national median property tax rate of 0.99%. This means that homeowners in Timberlake might face higher property tax bills compared to the national average. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses and long-term financial planning.
Average Timberlake Tax Bill
$1,191
Average Orange County Tax Bill
$3,822
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Timberlake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27583 | $920 | $1,040 | $1,191 | $1,862 | $2,563 |
Source: Ownwell