Bullock, North Carolina Property Taxes
The median property tax rate in Bullock, NC is 1.11%, which is 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 Bullock being $49,379, the typical annual property tax bill reaches $536, exceeding the national median of $2,690. Property taxes in Bullock 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 Bullock'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 Bullock 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
Bullock, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$548
Ownwell’s Bullock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bullock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bullock 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 Bullock, North Carolina
Property taxes in Bullock, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bullock is 1.11%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Bullock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bullock 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 Bullock's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27507 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Bullock provides valuable insights into the varying tax landscape across Vance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bullock Tax Rate
1.11%
Average Vance County Tax Rate
1.16%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | 0.67% | 0.98% | 1.11% | 1.22% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Bullock, North Carolina
In Bullock, 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 Vance 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 Bullock, 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 Bullock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bullock is $536 in the 27507 zip code, while the lowest median tax bill is also $536 in the same zip code.
Average Bullock Assessed Value
$49,379
Average Vance County Assessed Value
$63,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | $11,985 | $23,847 | $49,379 | $70,765 | $84,368 |
Source: Ownwell
Property Tax Bills Across Bullock, North Carolina
In Bullock, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate to determine the annual tax bill. For example, with a median home price of $49,379, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $278, while the 75th percentile reaches $733, and the 90th percentile can go up to $903. Several factors influence the final tax bill, including the property's location within Vance County, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, the tax rate in Bullock can lead to a range of tax bills. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for property owners to understand how their tax bill is determined.
Average Bullock Tax Bill
$536
Average Vance County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bullock, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27507 | $164 | $278 | $536 | $733 | $903 |
Source: Ownwell