Laurel Hill, North Carolina Property Taxes
The median property tax rate in Laurel Hill, NC is 1.19%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Laurel Hill at $40,400, the typical annual property tax bill reaches $441, which is significantly lower than the national median of $2,690. Property taxes in Laurel Hill 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 Laurel Hill'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 Laurel Hill 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
Laurel Hill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$481
$446
Ownwell’s Laurel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel Hill 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 Laurel Hill, North Carolina
Property taxes in Laurel Hill, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel Hill is 1.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Laurel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel Hill 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 Laurel Hill's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28351 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Laurel Hill provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Hill Tax Rate
1.19%
Average Scotland County Tax Rate
1.11%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | 0.95% | 1.04% | 1.19% | 1.43% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Laurel Hill, North Carolina
In Laurel Hill, 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 Scotland 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 Laurel Hill, 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 Laurel Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 28351, with a median tax bill of $441.
Property Tax Assessment Values Across Laurel Hill, North Carolina
Source: Ownwell
$24,600
$54,843
$85,085
Average Laurel Hill Assessed Value
$40,400
Average Scotland County Assessed Value
$54,325
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | $7,772 | $12,978 | $40,400 | $66,512 | $108,595 |
Source: Ownwell
Property Tax Bills Across Laurel Hill, North Carolina
In Laurel Hill, Scotland County, NC, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $40,400, which significantly influences the tax bill. The property tax rate in Scotland County is applied to this assessed value to determine the annual tax bill. Factors such as the home's market value, any applicable exemptions, and the local tax rate all play a role in the final calculation. Homeowners in Laurel Hill can expect their tax bills to vary. For instance, the 25th percentile tax bill is around $205, while the 75th percentile tax bill is approximately $735. At the higher end, the 90th percentile tax bill reaches up to $1,138. These variations highlight how different property values and exemptions can impact the amount homeowners owe. Comparing this to the national median property tax rate of 0.99%, it’s clear that local rates and home values significantly affect property tax bills in Laurel Hill.
Average Laurel Hill Tax Bill
$441
Average Scotland County Tax Bill
$594
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel Hill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28351 | $124 | $205 | $441 | $735 | $1,138 |
Source: Ownwell