Bennett, Randolph County, North Carolina Property Taxes
The median property tax rate in Bennett, NC is 0.61%, significantly 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 $146,010, the typical annual property tax bill is $865, well below the national median of $2,690. Property taxes in Bennett are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bennett'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 Bennett or another part of Randolph County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bennett, Randolph County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$891
$827
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, Randolph County, 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 0.61%, 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 areas in North Carolina and the national median. For comparison, the 27208 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Bennett provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennett Tax Rate
0.61%
Average Randolph County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennett, Randolph County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | 0.47% | 0.61% | 0.61% | 0.61% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Bennett, Randolph County, 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 Randolph 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. The median home price in Bennett is $146,010, with tax bills ranging from $559 at the 25th percentile to $1,258 at the 75th percentile, and up to $1,768 at the 90th percentile. 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.
Property Tax Assessment Values Across Bennett, Randolph County, North Carolina
Source: Ownwell
$78,165
$146,868
$215,570
Average Bennett Assessed Value
$146,010
Average Randolph County Assessed Value
$167,245
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennett, Randolph County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | $47,486 | $90,135 | $146,010 | $229,105 | $339,514 |
Source: Ownwell
Property Tax Bills Across Bennett, Randolph County, North Carolina
Property tax bills in Bennett, Randolph County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically reflects the market value of the home. In Bennett, the median home price is $146,010. Homeowners in Bennett can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $559, while those in the 75th percentile pay approximately $1,258. At the higher end, the 90th percentile tax bill can reach up to $1,768. Comparatively, the highest and lowest median tax bills in the area are both $865, indicating a relatively consistent tax rate within the zip code 27208. These property tax bills directly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Given that the national median property tax rate is 0.99%, Bennett's tax rates offer a competitive landscape for property owners, potentially making it an attractive option for homebuyers looking for reasonable tax obligations.
Average Bennett Tax Bill
$865
Average Randolph County Tax Bill
$1,305
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennett, Randolph County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27208 | $280 | $559 | $865 | $1,258 | $1,768 |
Source: Ownwell