Balsam Grove, North Carolina Property Taxes
The median property tax rate in Balsam Grove, NC is 0.66%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Balsam Grove at $141,400, the typical annual property tax bill amounts to $837, significantly below the national median of $2,690. Property taxes in Balsam Grove 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 Balsam Grove'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 Balsam Grove 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
Balsam Grove, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$933
$866
Ownwell’s Balsam Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Balsam Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balsam Grove 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 Balsam Grove, North Carolina
Property taxes in Balsam Grove, 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 Balsam Grove is 0.66%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Balsam Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balsam Grove 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 Balsam Grove's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28708 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these areas compare with Balsam Grove provides valuable insights into the varying tax landscape across Transylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balsam Grove Tax Rate
0.66%
Average Transylvania County Tax Rate
0.66%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balsam Grove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28708 | 0.66% | 0.66% | 0.66% | 0.66% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Balsam Grove, North Carolina
In Balsam Grove, 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 Transylvania 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 Balsam Grove, 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 Balsam Grove is $141,400, with tax bills ranging from $544 at the 25th percentile to $2,118 at the 90th percentile. The zip code with the highest median tax bill is 28708, at $837, which is also the lowest median tax bill in the area. 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.
Property Tax Assessment Values Across Balsam Grove, North Carolina
Source: Ownwell
$116,555
$185,613
$254,670
Average Balsam Grove Assessed Value
$141,400
Average Transylvania County Assessed Value
$218,910
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balsam Grove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28708 | $49,382 | $86,855 | $141,400 | $224,000 | $335,054 |
Source: Ownwell
Property Tax Bills Across Balsam Grove, North Carolina
In Balsam Grove, Transylvania County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Balsam Grove experience property tax bills that vary significantly. For example, the median home price is $141,400, and tax bills range from $544 at the 25th percentile to $1,407 at the 75th percentile, with the 90th percentile reaching up to $2,118. The local tax rate plays a crucial role in determining the final amount of the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Balsam Grove may find their tax bills relatively manageable, but they can still impact household budgets. Factors such as property improvements, neighborhood developments, and changes in market conditions can also influence the assessed value and, consequently, the tax bill. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Balsam Grove Tax Bill
$837
Average Transylvania County Tax Bill
$1,388
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Balsam Grove, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28708 | $308 | $544 | $837 | $1,407 | $2,118 |
Source: Ownwell