Traphill, North Carolina Property Taxes
The median property tax rate in Traphill, NC is 0.74%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $101,470 in Traphill, the typical annual property tax bill is approximately $693, well below the national median of $2,690. Property taxes in Traphill are calculated based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Traphill'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 Traphill or another part of Wilkes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Traphill, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$751
$697
Ownwell’s Traphill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Traphill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Traphill 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 Traphill, North Carolina
Property taxes in Traphill, 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 Traphill is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Traphill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traphill 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 Traphill's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28685 has both the highest and lowest median property tax rate of 0.74%. Understanding how these areas compare with Traphill provides valuable insights into the varying tax landscape across Wilkes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Traphill Tax Rate
0.74%
Average Wilkes County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Traphill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28685 | 0.50% | 0.74% | 0.74% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Traphill, North Carolina
In Traphill, 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 Wilkes 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 Traphill, 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 Traphill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, in the 28685 zip code, the median tax bill is $693. By being proactive, property owners can potentially reduce their tax liabilities.
Property Tax Assessment Values Across Traphill, North Carolina
Source: Ownwell
$87,490
$155,103
$222,715
Average Traphill Assessed Value
$101,470
Average Wilkes County Assessed Value
$107,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Traphill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28685 | $37,572 | $61,640 | $101,470 | $161,110 | $229,474 |
Source: Ownwell
Property Tax Bills Across Traphill, North Carolina
In Traphill, located in Wilkes County, NC, property tax bills are calculated based on the assessed value of a home. The median home price in this region is $101,470. The tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Traphill can expect to pay a property tax bill ranging significantly, with the 25th percentile at $423 and the 75th percentile reaching $1,146. For those at the 90th percentile, the tax bill can be as high as $1,622. The tax rate in Traphill is influenced by various factors, including local government budgets, public service funding, and school district needs. These property taxes are essential for funding local amenities and services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Traphill offers a relatively affordable option for homeowners. This affordability can make it an attractive location for potential homebuyers looking to manage their long-term expenses effectively.
Average Traphill Tax Bill
$693
Average Wilkes County Tax Bill
$770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Traphill, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28685 | $255 | $423 | $693 | $1,146 | $1,622 |
Source: Ownwell