Laurel Hill, North Carolina Property Taxes
The median property tax rate in Laurel Hill, NC, is 1.16%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Laurel Hill at $56,150, the typical annual property tax bill reaches $673, which is below the national median of $2,690. Property taxes in Laurel Hill 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 Laurel Hill'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 Laurel Hill 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
Laurel Hill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$651
$604
Ownwell’s Laurel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Hill 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 Laurel Hill, North Carolina
Property taxes in Laurel Hill, 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 Laurel Hill is 1.16%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Laurel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Hill 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 Laurel Hill's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28351 has both the highest and lowest median property tax rate of 1.16%. Understanding how these areas compare with Laurel Hill 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 Laurel Hill Tax Rate
1.16%
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 Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | 0.84% | 0.97% | 1.16% | 1.46% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Hill, North Carolina
In Laurel Hill, 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 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. Assessment notices in Laurel Hill 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 Laurel Hill is $56,150, with tax bills ranging from $459 at the 25th percentile to $1,208 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Laurel Hill, North Carolina
Source: Ownwell
$34,878
$63,151
$91,423
Average Laurel Hill Assessed Value
$56,150
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 Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | $9,715 | $25,833 | $56,150 | $89,492 | $146,860 |
Source: Ownwell
Property Tax Bills Across Laurel Hill, North Carolina
In Laurel Hill, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Laurel Hill, the median home price is $56,150. The tax bills vary significantly across different percentiles, with the 25th percentile tax bill at $459 and the 75th percentile tax bill at $996. For those in the 90th percentile, the tax bill can go up to $1,208. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax rates in Laurel Hill can lead to a relatively modest tax burden for homeowners. However, the exact impact on individual homeowners can vary widely based on their property's assessed value and any changes in local tax policies. This variability underscores the importance of understanding how property taxes are calculated and how they can affect long-term homeownership costs.
Average Laurel Hill Tax Bill
$673
Average Richmond County Tax Bill
$644
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | $229 | $459 | $673 | $996 | $1,208 |
Source: Ownwell