Fairmont, North Carolina Property Taxes
The median property tax rate in Fairmont, NC is 0.92%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $64,200 in Fairmont, the typical annual property tax bill amounts to $638, which is significantly lower than the national median of $2,690. Property taxes in Fairmont are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fairmont'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 Fairmont or another part of Robeson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairmont, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$591
$548
Ownwell’s Fairmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmont 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 Fairmont, North Carolina
Property taxes in Fairmont, North Carolina, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmont is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Fairmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmont 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 Fairmont's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28340 zip code has the highest median property tax rate of 0.92%, while it also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Fairmont provides valuable insights into the varying tax landscape across Robeson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmont Tax Rate
0.92%
Average Robeson County Tax Rate
0.87%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28340 | 0.87% | 0.92% | 0.92% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, North Carolina
In Fairmont, 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 Robeson 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 Fairmont, 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 Fairmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairmont is $638, found in the 28340 zip code, which also has the lowest median tax bill of $638.
Property Tax Assessment Values Across Fairmont, North Carolina
Source: Ownwell
$59,500
$102,600
$145,700
Average Fairmont Assessed Value
$64,200
Average Robeson County Assessed Value
$69,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28340 | $26,600 | $42,000 | $64,200 | $93,000 | $136,400 |
Source: Ownwell
Property Tax Bills Across Fairmont, North Carolina
In Fairmont, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Robeson County tax assessor. The median home price in Fairmont is $64,200, and property tax rates are applied to this assessed value to calculate the annual tax bill. The assessed value is influenced by factors such as the property's size, location, and condition. Homeowners in Fairmont experience a range of tax bills. For instance, the 25th percentile tax bill is around $417, while the 75th percentile tax bill reaches up to $1,016. Those at the 90th percentile can expect to pay approximately $1,498. Compared to the national median property tax rate of 0.99%, Fairmont's rates can vary significantly based on the assessed value and specific characteristics of each property. Understanding these factors is crucial for homeowners as property taxes directly impact their annual expenses and overall financial planning. Accurate assessments ensure fairness and help fund essential local services like schools, infrastructure, and emergency services.
Average Fairmont Tax Bill
$638
Average Robeson County Tax Bill
$623
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28340 | $277 | $417 | $638 | $1,016 | $1,498 |
Source: Ownwell