Norman, North Carolina Property Taxes
The median property tax rate in Norman, NC is 1.04%, slightly above both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Norman at $49,141, the typical annual property tax bill amounts to $541, which is lower than the national median of $2,690. Property taxes in Norman are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Norman'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 Norman or another part of the city, being informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norman, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$511
Ownwell’s Norman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norman 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 Norman, North Carolina
Property taxes in Norman, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norman is 1.04%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Norman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norman 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 Norman's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28367 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Norman 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 Norman Tax Rate
1.04%
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 Norman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28367 | 0.78% | 0.95% | 1.04% | 1.20% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Norman, North Carolina
In Norman, 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 Norman, 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 Norman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Richmond County is $541 in zip code 28367, while the lowest median tax bill is also $541 in the same zip code.
Average Norman Assessed Value
$49,141
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 Norman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28367 | $18,214 | $44,318 | $49,141 | $63,015 | $78,241 |
Source: Ownwell
Property Tax Bills Across Norman, North Carolina
In Norman, located in Richmond County, NC, property tax bills are determined based on the assessed value of a property. The assessed value is calculated by the county assessor's office and reflects the property's market value. Homeowners in Norman can expect their property tax bills to vary significantly depending on the value of their homes. For example, those in the 25th percentile typically pay around $372 annually, while those in the 75th percentile see bills closer to $730. At the 90th percentile, the tax bill can reach up to $793. These tax bills are influenced by several factors, including property size, location, and improvements. Richmond County's median property tax bill is $541, aligning with the highest and lowest median tax bills in the area. Compared to the national median property tax rate of 0.99%, Norman's rates can be considered moderate. Understanding how these factors influence tax bills helps homeowners budget effectively and anticipate annual costs associated with property ownership.
Average Norman Tax Bill
$541
Average Richmond County Tax Bill
$644
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Norman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28367 | $159 | $372 | $541 | $730 | $793 |
Source: Ownwell