Richfield, Stanly County, North Carolina Property Taxes
The median property tax rate in Richfield, NC is 0.68%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $131,770 in Richfield, the typical annual property tax bill amounts to $944, significantly less than the national median of $2,690. Property taxes in Richfield are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Richfield'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 Richfield or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richfield, Stanly County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$896
$831
Ownwell’s Richfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Richfield with just two data inputs. 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. For those interested in seeing trends at 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 Richfield, Stanly County, North Carolina
Property taxes in Richfield, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 0.68%, 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 28137 zip code has both the highest and lowest median property tax rates in the area at 0.68%. Understanding how these cities compare with Richfield provides valuable insights into the varying tax landscape across Stanly County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richfield Tax Rate
0.68%
Average Stanly County Tax Rate
0.76%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Stanly County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | 0.31% | 0.68% | 0.68% | 0.90% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Stanly County, 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 Stanly 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. 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. The highest median tax bill in Richfield is $944 in zip code 28137, while the lowest median tax bill is also $944 in the same zip code.
Property Tax Assessment Values Across Richfield, Stanly County, North Carolina
Source: Ownwell
$56,852
$134,651
$212,449
Average Richfield Assessed Value
$131,770
Average Stanly County Assessed Value
$133,890
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richfield, Stanly County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | $52,948 | $83,612 | $131,770 | $195,963 | $283,310 |
Source: Ownwell
Property Tax Bills Across Richfield, Stanly County, North Carolina
In Richfield, NC, property tax bills are calculated based on the assessed value of the property, which represents its market value. The assessed value is determined by the Stanly County tax assessor's office, taking into account factors like the property's size, location, and condition. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For homeowners in Richfield, the median home price is $131,770. The property tax bill can vary significantly, with the 25th percentile at $530 and the 75th percentile reaching $1,499. At the 90th percentile, homeowners might pay up to $2,184. These figures highlight the range of property tax burdens within the city, influenced by property values and individual assessments. Comparatively, the national median property tax rate is 0.99%, making Richfield's property tax environment relatively moderate. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Richfield Tax Bill
$944
Average Stanly County Tax Bill
$1,079
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Stanly County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28137 | $255 | $530 | $944 | $1,499 | $2,184 |
Source: Ownwell