Horse Shoe, North Carolina Property Taxes
The median property tax rate in Horse Shoe, NC is 0.66%, 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 $116,555 in Horse Shoe, the typical annual property tax bill is $767, well below the national median of $2,690. Property taxes in Horse Shoe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Horse Shoe'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 Horse Shoe 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
Horse Shoe, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$769
Ownwell’s Horse Shoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horse Shoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horse Shoe 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 Horse Shoe, North Carolina
Property taxes in Horse Shoe, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Horse Shoe is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Horse Shoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horse Shoe 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 Horse Shoe's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28742 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 cities compare with Horse Shoe 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 Horse Shoe 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 Horse Shoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28742 | 0.66% | 0.66% | 0.66% | 0.66% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Horse Shoe, North Carolina
In Horse Shoe, North Carolina, understanding the distinction between "market value" and "assessed value" is essential for managing 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 Horse Shoe, 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. The median home price in Horse Shoe is $116,555, with tax bills ranging from $390 at the 25th percentile to $1,514 at the 90th percentile. The highest and lowest median tax bills both stand at $767 in the 28742 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Horse Shoe, North Carolina
Source: Ownwell
$116,555
$185,613
$254,670
Average Horse Shoe Assessed Value
$116,555
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 Horse Shoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28742 | $25,665 | $81,775 | $116,555 | $161,002 | $243,330 |
Source: Ownwell
Property Tax Bills Across Horse Shoe, North Carolina
In Horse Shoe, property tax bills are calculated based on the assessed value of a property, which is determined by the county's tax assessor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate. For homeowners in Horse Shoe, the tax rate can significantly affect their annual tax bill. For instance, the median home price in the area is $116,555. Depending on various factors such as property size, location, and improvements, homeowners may find their tax bills varying widely. The 25th percentile tax bill stands at $390, while the 75th percentile tax bill is $1,058. Homeowners at the 90th percentile could see tax bills as high as $1,514. These figures are influenced by the local tax rate and the assessed value of properties. Compared to the national median property tax rate of 0.99%, Horse Shoe offers a range of tax bills that can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied.
Average Horse Shoe Tax Bill
$767
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 Horse Shoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28742 | $193 | $390 | $767 | $1,058 | $1,514 |
Source: Ownwell