Mount Gilead, North Carolina Property Taxes
The median property tax rate in Mount Gilead, NC is 0.96%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Mount Gilead at $62,237, the typical annual property tax bill amounts to $589, which is significantly below the national median of $2,690. Property taxes in Mount Gilead are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Gilead'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 Mount Gilead 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
Mount Gilead, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$597
$554
Ownwell’s Mount Gilead Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Gilead with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Gilead 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 Mount Gilead, North Carolina
Property taxes in Mount Gilead, 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 Mount Gilead is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Mount Gilead set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Gilead 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 Mount Gilead's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27306 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Mount Gilead 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 Mount Gilead Tax Rate
0.96%
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 Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | 0.56% | 0.83% | 0.96% | 1.13% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Mount Gilead, North Carolina
In Mount Gilead, 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. In Mount Gilead, 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. The median home price in Mount Gilead is $62,237, with tax bills ranging from $338 at the 25th percentile to $1,760 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 Mount Gilead helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Gilead, North Carolina
Source: Ownwell
$34,878
$63,151
$91,423
Average Mount Gilead Assessed Value
$62,237
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 Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | $10,067 | $34,418 | $62,237 | $103,510 | $261,644 |
Source: Ownwell
Property Tax Bills Across Mount Gilead, North Carolina
In Mount Gilead, 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 a percentage of the property's market value. Homeowners then multiply this assessed value by the local tax rate to determine their annual property tax bill. Factors such as property size, location, and improvements significantly influence the assessed value. For example, with a median home price of $62,237, homeowners can expect varying tax bills. The 25th percentile tax bill is around $338, while the 75th percentile reaches $893, and the 90th percentile can go up to $1,760. These figures illustrate the range of potential tax burdens based on property values and assessments. Compared to the national median property tax rate of 0.99%, Mount Gilead's tax rates offer a glimpse into the local fiscal landscape. Homeowners should be aware of these factors as they directly impact the affordability and financial planning associated with owning property in this area.
Average Mount Gilead Tax Bill
$589
Average Richmond County Tax Bill
$644
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Gilead, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27306 | $116 | $338 | $589 | $893 | $1,760 |
Source: Ownwell