Henrico, North Carolina Property Taxes
The median property tax rate in Henrico, NC is 0.89%, slightly lower than the national median of 0.99% but higher than North Carolina's state median of 0.82%. With the median home value in Henrico at $346,624, the typical annual property tax bill reaches $3,097, surpassing the national median of $2,690. Property taxes in Henrico 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 Henrico'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 Henrico 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
Henrico, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$3,085
Ownwell’s Henrico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henrico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henrico 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 Henrico, North Carolina
Property taxes in Henrico, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henrico is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Henrico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henrico 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 Henrico's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27842 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Henrico provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henrico Tax Rate
0.89%
Average Warren County Tax Rate
0.98%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henrico, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27842 | 0.84% | 0.88% | 0.89% | 0.92% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Henrico, North Carolina
In Henrico, 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 Warren 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 Henrico, 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 Henrico is $346,624, with tax bills ranging from $1,464 at the 25th percentile to $4,075 at the 75th percentile. The highest median tax bill is found in zip code 27842, amounting to $3,097. 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 Henrico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Henrico Assessed Value
$346,624
Average Warren County Assessed Value
$84,230
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henrico, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27842 | $52,626 | $175,604 | $346,624 | $463,488 | $561,336 |
Source: Ownwell
Property Tax Bills Across Henrico, North Carolina
In Henrico, property tax bills are calculated based on the assessed value of a property, which is determined by the Warren County tax assessor's office. The assessed value is a percentage of the market value of the home. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $346,624, homeowners can expect varying tax bills depending on the assessed value and applicable exemptions. Factors such as location, property size, and any improvements can influence the assessed value. In Henrico, property tax bills can range significantly. The 25th percentile tax bill is around $1,464, while the 75th percentile reaches approximately $4,075. For those at the 90th percentile, tax bills can go up to $4,899. These variations can impact homeowners differently, affecting their annual budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Henrico's tax rates and assessed values play a crucial role in determining the overall tax burden on property owners.
Average Henrico Tax Bill
$3,097
Average Warren County Tax Bill
$857
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Henrico, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27842 | $563 | $1,464 | $3,097 | $4,075 | $4,899 |
Source: Ownwell