Holly Springs, North Carolina Property Taxes
The median property tax rate in Holly Springs, NC is 1.08%, higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Holly Springs at $352,557, the typical annual property tax bill reaches $3,605, exceeding the national median of $2,690. Property taxes in Holly Springs 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 Holly Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Holly Springs 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
Holly Springs, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$3,808
$3,533
Ownwell’s HOLLY SPRINGS Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in HOLLY SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in HOLLY SPRINGS to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by Wake County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Holly Springs, North Carolina
Property taxes in Holly Springs, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Springs is 1.08%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Holly Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly Springs 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 Holly Springs' effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27540 zip code has the highest median property tax rate of 1.08%, while the 27540 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Holly Springs provides valuable insights into the varying tax landscape across Wake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Springs Tax Rate
1.08%
Average Wake County Tax Rate
1.10%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | 0.79% | 1.08% | 1.08% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Holly Springs, North Carolina
In Holly Springs, 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 Wake 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 Holly Springs, 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 Holly Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills, both at $3,605, are found in the 27540 zip code.
Property Tax Assessment Values Across Holly Springs, North Carolina
Source: Ownwell
$174,058
$394,571
$615,084
Average Holly Springs Assessed Value
$352,557
Average Wake County Assessed Value
$302,078
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | $214,616 | $262,691 | $352,557 | $452,136 | $535,184 |
Source: Ownwell
Property Tax Bills Across Holly Springs, North Carolina
Property tax bills in Holly Springs, NC, are calculated based on the assessed value of a property, which is determined by the Wake County tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Holly Springs is $352,557, and homeowners can expect their tax bills to vary significantly. For instance, tax bills in the 25th percentile are around $2,723, while those in the 75th percentile reach approximately $4,789. The 90th percentile tax bills can go up to $5,665. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Holly Springs homeowners experience varying tax burdens, with some areas having a median tax bill as high as $3,605. Understanding these factors can help homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Holly Springs Tax Bill
$3,605
Average Wake County Tax Bill
$3,098
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly Springs, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27540 | $2,214 | $2,723 | $3,605 | $4,789 | $5,665 |
Source: Ownwell