Mill Spring, North Carolina Property Taxes
The median property tax rate in Mill Spring, NC is 0.37%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $123,700 in Mill Spring, the typical annual property tax bill amounts to $346, well below the national median of $2,690. Property taxes in Mill Spring are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mill Spring'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 Mill Spring or another part of Rutherford County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mill Spring, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$458
Ownwell’s Mill Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mill Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mill Spring 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 Mill Spring, North Carolina
Property taxes in Mill Spring, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mill Spring is 0.37%, which is significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Mill Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mill Spring 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 Mill Spring's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in the state is found in zip code 28277, with a rate of 1.05%, while the lowest median tax rate is in zip code 27949, at just 0.32%. Understanding how these cities compare with Mill Spring provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mill Spring Tax Rate
0.37%
Average Rutherford County Tax Rate
0.45%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mill Spring, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | 0.24% | 0.27% | 0.37% | 0.44% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Mill Spring, North Carolina
In Mill Spring, 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 Rutherford 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 Mill Spring, 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 Mill Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28756 has both the highest and lowest median tax bills, standing at $346.
Property Tax Assessment Values Across Mill Spring, North Carolina
Source: Ownwell
$7,500
$137,850
$268,200
Average Mill Spring Assessed Value
$123,700
Average Rutherford County Assessed Value
$123,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mill Spring, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | $49,080 | $90,500 | $123,700 | $184,500 | $442,760 |
Source: Ownwell
Property Tax Bills Across Mill Spring, North Carolina
In Mill Spring, located in Rutherford County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Mill Spring is $123,700, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property improvements, market conditions, and neighborhood characteristics can influence the assessed value. For homeowners, the property tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $298, while at the 75th percentile, it rises to $811. At the 90th percentile, it can reach up to $1,998. These variations highlight how different factors can impact individual tax bills. Compared to the national median property tax rate of 0.99%, Mill Spring's tax rate is relatively moderate, ensuring that homeowners are not overly burdened. However, understanding how these taxes are calculated is crucial for effective financial planning and property management.
Average Mill Spring Tax Bill
$346
Average Rutherford County Tax Bill
$516
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mill Spring, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28756 | $245 | $298 | $346 | $811 | $1,998 |
Source: Ownwell