Faith, North Carolina Property Taxes
The median property tax rate in Faith, NC is 0.83%, slightly higher than the state median of 0.82% but below the national median of 0.99%. With the median home value in Faith at $253,184, the typical annual property tax bill reaches $2,507, which is just under the national median of $2,690. Property taxes in Faith 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 Faith'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 Faith 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
Faith, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$2,101
$1,950
Ownwell’s Faith Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Faith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faith 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 Faith, North Carolina
Property taxes in Faith, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Faith is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Faith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faith 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 Faith's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28041 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Faith provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faith Tax Rate
0.83%
Average Rowan County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faith, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28041 | 0.67% | 0.67% | 0.83% | 0.99% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Faith, North Carolina
In Faith, 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 Rowan 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 Faith, 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 example, the median home price in Faith is $253,184, with tax bills varying significantly. The 25th percentile tax bill is $1,426, while the 75th percentile reaches $3,120, and the 90th percentile hits $3,754. The highest and lowest median tax bills are both $2,507 in the zip code 28041. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Faith Assessed Value
$253,184
Average Rowan County Assessed Value
$187,326
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faith, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28041 | $120,069 | $191,182 | $253,184 | $383,096 | $426,600 |
Source: Ownwell
Property Tax Bills Across Faith, North Carolina
Property tax bills in Faith, located in Rowan County, NC, are determined based on the assessed value of a property and the local tax rate. Homeowners in Faith typically see a range of tax bills, with the 25th percentile at $1,426 and the 75th percentile reaching $3,120. The highest median tax bill in the area is $2,507, as seen in zip code 28041, which also holds the lowest median tax bill, indicating uniformity in tax assessments within this zip code. The assessed value is influenced by factors such as the property's market value, improvements, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Faith may find their property tax rates competitive or slightly higher, affecting their annual financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and manage their budgets effectively.
Average Faith Tax Bill
$2,507
Average Rowan County Tax Bill
$1,628
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Faith, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28041 | $813 | $1,426 | $2,507 | $3,120 | $3,754 |
Source: Ownwell