Sapphire, North Carolina Property Taxes
The median property tax rate in Sapphire, NC is 0.66%, 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 $254,670 in Sapphire, the typical annual property tax bill is approximately $1,657, significantly below the national median of $2,690. Property taxes in Sapphire are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. By understanding Sapphire's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Sapphire or elsewhere in Transylvania County, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Sapphire, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,681
$1,560
Ownwell’s Sapphire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sapphire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sapphire 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 Sapphire, North Carolina
Property taxes in Sapphire, 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 Sapphire 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 Sapphire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sapphire 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 Sapphire's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28774 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 Sapphire 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 Sapphire 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 Sapphire, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28774 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Sapphire, North Carolina
In Sapphire, 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 Sapphire, 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. Notably, the median home price in Sapphire is $254,670, with tax bills ranging from $712 at the 25th percentile to $4,075 at the 90th percentile. 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 Sapphire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sapphire, North Carolina
Source: Ownwell
$116,555
$185,613
$254,670
Average Sapphire Assessed Value
$254,670
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 Sapphire, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28774 | $58,098 | $111,625 | $254,670 | $452,672 | $625,215 |
Source: Ownwell
Property Tax Bills Across Sapphire, North Carolina
Property tax bills in Sapphire, located in Transylvania County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's tax assessor, who evaluates the property's market value. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For example, with a median home price of $254,670, homeowners can expect varying tax bills. The tax bill for the 25th percentile is around $712, while it rises to $2,938 for the 75th percentile and $4,075 for the 90th percentile. These figures indicate that property taxes in Sapphire can significantly impact homeowners’ finances, with some paying much higher amounts depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Sapphire's tax bills illustrate the range of financial obligations that homeowners might face and underscore the importance of understanding local tax assessments and rates.
Average Sapphire Tax Bill
$1,657
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 Sapphire, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28774 | $361 | $712 | $1,657 | $2,938 | $4,075 |
Source: Ownwell