Mill Spring, Polk County, North Carolina Property Taxes
The median property tax rate in Mill Spring, NC is 0.64%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Mill Spring at $216,027, the typical annual property tax bill is $1,319, significantly less than the national median of $2,690. Property taxes in Mill Spring are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mill Spring'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 Mill Spring 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
Mill Spring, Polk County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,383
$1,283
Ownwell’s Mill Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mill Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mill Spring 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 Mill Spring, Polk County, North Carolina
Property taxes in Mill Spring, 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 Mill Spring is 0.64%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Mill Spring set these rates annually, and they can vary across different neighborhoods. Each year, Mill Spring 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 Mill Spring's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28756 has both the highest and lowest median property tax rate of 0.64%. Understanding how these figures compare with Mill Spring provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mill Spring Tax Rate
0.64%
Average Polk County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mill Spring, Polk County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Mill Spring, Polk County, North Carolina
In Mill Spring, 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 Polk 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 Mill Spring, 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 Mill Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mill Spring is $216,027, with the highest median tax bill recorded at $1,319 in zip code 28756.
Property Tax Assessment Values Across Mill Spring, Polk County, North Carolina
Source: Ownwell
$182,271
$209,818
$237,364
Average Mill Spring Assessed Value
$216,027
Average Polk County Assessed Value
$228,216
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mill Spring, Polk County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | $79,650 | $126,620 | $216,027 | $405,400 | $643,935 |
Source: Ownwell
Property Tax Bills Across Mill Spring, Polk County, North Carolina
In Mill Spring, Polk County, NC, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by county assessors. For example, with a median home price of $216,027 in Mill Spring, the property tax rate is applied to this value to calculate the annual tax bill. Several factors influence the final tax bill, including the assessed value of the home and any applicable exemptions or deductions. In Mill Spring, the 25th percentile of tax bills is $793, while the 75th percentile reaches $2,506, and the 90th percentile goes up to $3,780. The highest median tax bill in the area is $1,319, which is consistent across the zip code 28756. For homeowners, these property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners budget accordingly and potentially seek exemptions to reduce their tax burden.
Average Mill Spring Tax Bill
$1,319
Average Polk County Tax Bill
$1,542
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mill Spring, Polk County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | $498 | $793 | $1,319 | $2,506 | $3,780 |
Source: Ownwell