Seven Springs, Wayne County, North Carolina Property Taxes
The median property tax rate in Seven Springs, NC is 0.81%, slightly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Seven Springs, the typical annual property tax bill is $436, which is significantly below the national median of $2,690. Property taxes in Seven Springs are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Seven Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Seven 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
Seven Springs, Wayne County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$370
$343
Ownwell’s Seven Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seven Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seven Springs 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 Seven Springs, Wayne County, North Carolina
Property taxes in Seven Springs, 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 Seven Springs is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Seven Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seven 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 Seven Springs' effective property tax rate to other areas in Wayne County and the national median. For comparison, the zip code 28578 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Seven Springs provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seven Springs Tax Rate
0.81%
Average Wayne County Tax Rate
0.85%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seven Springs, Wayne County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | 0.78% | 0.80% | 0.81% | 0.88% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Seven Springs, Wayne County, North Carolina
In Seven 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 Wayne 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 Seven 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 Seven Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $436.00, found in the zip code 28578.
Property Tax Assessment Values Across Seven Springs, Wayne County, North Carolina
Source: Ownwell
$21,315
$60,713
$100,110
Average Seven Springs Assessed Value
$45,695
Average Wayne County Assessed Value
$66,340
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seven Springs, Wayne County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | $4,150 | $15,058 | $45,695 | $99,295 | $172,790 |
Source: Ownwell
Property Tax Bills Across Seven Springs, Wayne County, North Carolina
In Seven Springs, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Wayne County tax assessor's office. The median home price in Seven Springs is $45,695. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Homeowners can expect a wide range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $166, while the 75th percentile tax bill is $857. At the higher end, the 90th percentile tax bill reaches $1,448. These tax bills can significantly impact homeowners, influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Seven Springs offers relatively affordable property taxes. However, homeowners should still budget for these expenses, as they are crucial for funding local services and infrastructure. The consistency in the highest and lowest median tax bills, both at $436 in zip code 28578, indicates a stable property tax environment in this region.
Average Seven Springs Tax Bill
$436
Average Wayne County Tax Bill
$703
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Seven Springs, Wayne County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28578 | $89 | $166 | $436 | $857 | $1,448 |
Source: Ownwell