Thomasville, North Carolina Property Taxes
The median property tax rate in Thomasville, NC is 0.69%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $208,715 in Thomasville, the typical annual property tax bill amounts to $1,458, significantly below the national median of $2,690. Property taxes in Thomasville are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Thomasville'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 Thomasville or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thomasville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,440
Ownwell’s Thomasville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomasville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomasville 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 Thomasville, North Carolina
Property taxes in Thomasville, 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 Thomasville is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Thomasville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomasville 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 Thomasville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27360 zip code has the highest median property tax rate of 0.69%, while also having the lowest median tax rate of 0.69%. Understanding how these areas compare with Thomasville 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 Thomasville Tax Rate
0.69%
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | 0.62% | 0.67% | 0.69% | 0.77% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Thomasville, North Carolina
In Thomasville, 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 local 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 Thomasville, 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 Thomasville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price stands at $208,715, with the 25th percentile tax bill at $988 and the 75th percentile tax bill at $2,318. The highest and lowest median tax bills are both in the 27360 zip code, valued at $1,458.
Property Tax Assessment Values Across Thomasville, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Thomasville Assessed Value
$208,715
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | $53,465 | $147,440 | $208,715 | $273,950 | $368,555 |
Source: Ownwell
Property Tax Bills Across Thomasville, North Carolina
In Thomasville, located in Randolph County, NC, property tax bills are determined based on the assessed value of a property. This assessed value is typically a percentage of the market value, calculated by county tax assessors. Once the assessed value is established, the local tax rate is applied to compute the annual property tax bill. For homeowners in Thomasville, the median home price is $208,715. Property tax bills can vary considerably, with the 25th percentile tax bill at $988 and the 75th percentile reaching $2,318. At the 90th percentile, homeowners can expect to pay up to $3,092. The highest and lowest median tax bills in the area are both $1,458, reflecting a consistent rate across different zip codes within the city. Compared to the national median property tax rate of 0.99%, Thomasville offers a relatively moderate tax environment. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Thomasville Tax Bill
$1,458
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 Thomasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27360 | $291 | $988 | $1,458 | $2,318 | $3,092 |
Source: Ownwell