Deep Gap, North Carolina Property Taxes
The median property tax rate in Deep Gap, NC is 0.41%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Deep Gap at $238,500, the typical annual property tax bill is $963, well below the national median of $2,690. Property taxes in Deep Gap are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Deep Gap'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 Deep Gap 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
Deep Gap, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$978
$907
Ownwell’s Deep Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deep Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deep Gap 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 Deep Gap, North Carolina
Property taxes in Deep Gap, 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 Deep Gap is 0.41%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Deep Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep Gap 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 Deep Gap's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28618 zip code has the highest median property tax rate of 0.41%, while the same 28618 zip code also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Deep Gap provides valuable insights into the varying tax landscape across Watauga County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deep Gap Tax Rate
0.41%
Average Watauga County Tax Rate
0.41%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | 0.37% | 0.39% | 0.41% | 0.43% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Deep Gap, North Carolina
In Deep Gap, 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 Watauga 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 Deep Gap, 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 Deep Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $963, found in the 28618 zip code.
Property Tax Assessment Values Across Deep Gap, North Carolina
Source: Ownwell
$191,700
$327,575
$463,450
Average Deep Gap Assessed Value
$238,500
Average Watauga County Assessed Value
$321,300
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | $88,300 | $150,700 | $238,500 | $353,100 | $497,500 |
Source: Ownwell
Property Tax Bills Across Deep Gap, North Carolina
In Deep Gap, Watauga County, NC, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Deep Gap is $238,500. In this region, the property tax bill varies widely. For homeowners, the tax bill at the 25th percentile is $629, while at the 75th percentile, it is $1,401. At the 90th percentile, homeowners can expect to pay around $1,918. Despite these variations, the highest and lowest median tax bills in the area are both $963, indicating some level of consistency in property tax assessments. Compared to the national median property tax rate of 0.99%, Deep Gap's property taxes can significantly impact homeowners’ annual expenses, making it crucial to understand how these bills are determined and managed.
Average Deep Gap Tax Bill
$963
Average Watauga County Tax Bill
$1,552
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep Gap, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28618 | $360 | $629 | $963 | $1,401 | $1,918 |
Source: Ownwell