Hoffman, North Carolina Property Taxes
The median property tax rate in Hoffman, NC is 1.05%, slightly above both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hoffman, the typical annual property tax bill reaches $543, which is significantly lower than the national median of $2,690. Property taxes in Hoffman are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hoffman'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 Hoffman or another part of Richmond County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hoffman, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$467
$433
Ownwell’s Hoffman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hoffman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hoffman 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 Hoffman, North Carolina
Property taxes in Hoffman, 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 Hoffman is 1.05%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Hoffman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hoffman 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 Hoffman's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28347 has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Hoffman provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hoffman Tax Rate
1.05%
Average Richmond County Tax Rate
1.05%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hoffman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28347 | 0.83% | 0.85% | 1.05% | 1.32% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Hoffman, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hoffman, North Carolina. 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 Richmond 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 Hoffman, 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 instance, the median home price is $44,434, with tax bills ranging from $265 at the 25th percentile to $1,228 at the 90th percentile. The zip code 28347 consistently shows the highest and lowest median tax bill at $543. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hoffman Assessed Value
$44,434
Average Richmond County Assessed Value
$60,261
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hoffman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28347 | $6,963 | $11,200 | $44,434 | $71,638 | $122,123 |
Source: Ownwell
Property Tax Bills Across Hoffman, North Carolina
In Hoffman, Richmond County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Hoffman is $44,434, and property tax bills can vary significantly. For example, homeowners in the 25th percentile pay around $265 annually, while those in the 75th percentile pay approximately $766. The highest median tax bill in the area is $543, found in the zip code 28347. Several factors influence the assessed value, including the property's market value, location, and any improvements made. For homeowners, understanding these factors is crucial as they directly impact the amount of property tax owed. Compared to the national median property tax rate of 0.99%, Hoffman's rates offer a relatively affordable option for residents, but individual bills can still vary widely based on specific property assessments.
Average Hoffman Tax Bill
$543
Average Richmond County Tax Bill
$644
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hoffman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28347 | $71 | $265 | $543 | $766 | $1,228 |
Source: Ownwell