Richfield, North Carolina Property Taxes
The median property tax rate in Richfield, NC is 0.67%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Richfield, the typical annual property tax bill reaches $1,386, significantly below the national median of $2,690. Property taxes in Richfield 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 Richfield'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 Richfield or another part of Rowan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,386
Ownwell’s Richfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richfield 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 Rowan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Richfield, North Carolina
Property taxes in Richfield, 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 Richfield is 0.67%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28137 has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these areas compare with Richfield 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 Richfield Tax Rate
0.67%
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 Richfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | 0.65% | 0.67% | 0.67% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, North Carolina
In Richfield, 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 Richfield, 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 Richfield is $206,906, with tax bills ranging from $812 at the 25th percentile to $3,050 at the 90th percentile. The highest and lowest median tax bills are both $1,386, found in the 28137 zip code. 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 Richfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Richfield, North Carolina
Source: Ownwell
$43,240
$356,407
$669,574
Average Richfield Assessed Value
$206,906
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 Richfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | $61,951 | $122,786 | $206,906 | $324,738 | $459,846 |
Source: Ownwell
Property Tax Bills Across Richfield, North Carolina
In Richfield, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the Rowan County tax assessor and is meant to reflect the market value of the property. Homeowners in Richfield can expect their property tax bill to be influenced by several factors, including the local tax rate and the assessed value of their property. The median home price in Richfield is $206,906, and property tax bills can vary significantly. For instance, homeowners in the 25th percentile pay around $812 annually, while those in the 75th percentile pay approximately $2,175. At the 90th percentile, the tax bill can reach up to $3,050. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. The highest and lowest median tax bills in Richfield are both $1,386, indicating a consistent rate across different areas within the zip code 28137. These property tax bills directly impact homeowners by contributing to local services and infrastructure, making it essential for residents to understand how their taxes are calculated.
Average Richfield Tax Bill
$1,386
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 Richfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | $410 | $812 | $1,386 | $2,175 | $3,050 |
Source: Ownwell