Siler City, North Carolina Property Taxes
The median property tax rate in Siler City, NC is 0.60%, 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 Siler City, the typical annual property tax bill reaches $804, which is well below the national median of $2,690. Property taxes in Siler City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Siler City'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 Siler City 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
Siler City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$843
Ownwell’s Siler City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Siler City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Siler City 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 Siler City, North Carolina
Property taxes in Siler City, 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 Siler City is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Siler City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Siler City 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 Siler City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27344 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Siler City 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 Siler City Tax Rate
0.60%
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 Siler City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27344 | 0.35% | 0.60% | 0.60% | 0.60% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Siler City, North Carolina
In Siler City, 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 Siler City, 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. For example, the median home price in Siler City is $140,430, and the median tax bill ranges from $449 at the 25th percentile to $1,727 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 Siler City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Siler City, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Siler City Assessed Value
$140,430
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 Siler City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27344 | $42,434 | $87,690 | $140,430 | $196,410 | $335,016 |
Source: Ownwell
Property Tax Bills Across Siler City, North Carolina
In Siler City, located in Randolph County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in this area experience a range of property tax bills, influenced by the value of their homes and the local tax rate. For instance, the median home price in Siler City is $140,430. Property tax bills vary significantly, with the 25th percentile paying around $449 and the 75th percentile paying approximately $1,104. At the higher end, the 90th percentile sees tax bills reaching up to $1,727. These figures illustrate how property values and the local tax rate contribute to the overall tax burden on homeowners. Comparatively, the national median property tax rate is 0.99%, making Siler City's property tax rate relatively moderate. Homeowners must account for these taxes in their annual budgets, as they directly impact the cost of owning property in this region.
Average Siler City Tax Bill
$804
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 Siler City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27344 | $245 | $449 | $804 | $1,104 | $1,727 |
Source: Ownwell