Sophia, North Carolina Property Taxes
The median property tax rate in Sophia, NC is 0.65%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Sophia at $168,885, the typical annual property tax bill reaches $1,105, which is below the national median of $2,690. Property taxes in Sophia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sophia'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 Sophia or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sophia, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,098
$1,019
Ownwell’s Sophia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sophia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sophia 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 Sophia, North Carolina
Property taxes in Sophia, 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 Sophia is 0.65%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Sophia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sophia 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 Sophia's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27350 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Sophia 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 Sophia Tax Rate
0.65%
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 Sophia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27350 | 0.65% | 0.65% | 0.65% | 0.65% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Sophia, North Carolina
In Sophia, 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. Assessment notices in Sophia 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 Sophia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1105 in the 27350 zip code, which is also the lowest median tax bill, offering a consistent perspective for local taxpayers.
Average Sophia Assessed Value
$168,885
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 Sophia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27350 | $45,572 | $113,478 | $168,885 | $258,282 | $359,644 |
Source: Ownwell
Property Tax Bills Across Sophia, North Carolina
In Sophia, located in Randolph County, NC, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in Sophia is $168,885, which serves as a benchmark for calculating property taxes. Homeowners in this area can expect their tax bills to vary significantly. For instance, at the 25th percentile, tax bills are around $693, while at the 75th percentile, they reach approximately $1651. The tax bill at the 90th percentile can go up to $2343. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. The highest and lowest median tax bills in Sophia both stand at $1105, which is notably higher than the national median property tax rate of 0.99%. These property taxes can have a substantial impact on homeowners, influencing their overall housing costs and financial planning. Understanding these factors can help homeowners better manage their property tax obligations and budget accordingly.
Average Sophia Tax Bill
$1,105
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 Sophia, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27350 | $285 | $693 | $1,105 | $1,651 | $2,343 |
Source: Ownwell