Bailey, Wilson County, North Carolina Property Taxes
The median property tax rate in Bailey, NC is 0.87%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Bailey, the typical annual property tax bill reaches $870, significantly below the national median of $2,690. Property taxes in Bailey 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 Bailey'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 Bailey 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
Bailey, Wilson County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$920
$854
Ownwell’s Bailey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey 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 Wilson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bailey, Wilson County, North Carolina
Property taxes in Bailey, 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 Bailey is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Bailey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bailey 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 Bailey's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27807 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Bailey provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
0.87%
Average Wilson County Tax Rate
1.30%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27807 | 0.60% | 0.85% | 0.87% | 0.89% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Bailey, Wilson County, North Carolina
In Bailey, 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 Wilson 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 Bailey, 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 Bailey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 27807, with a median tax bill of $870.
Property Tax Assessment Values Across Bailey, Wilson County, North Carolina
Source: Ownwell
$66,768
$107,800
$148,831
Average Bailey Assessed Value
$105,726
Average Wilson County Assessed Value
$97,889
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27807 | $58,407 | $78,122 | $105,726 | $151,331 | $216,978 |
Source: Ownwell
Property Tax Bills Across Bailey, Wilson County, North Carolina
In Bailey, located in Wilson County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Bailey is $105,726. Property taxes are then applied to this assessed value using the local tax rate. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Bailey typically see a range of property tax bills. For example, at the 25th percentile, the tax bill is around $647, while at the 75th percentile, it rises to about $1227. Those at the 90th percentile may see tax bills as high as $1690. The highest and lowest median tax bills in the area are both $870, corresponding to the zip code 27807. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Bailey's property taxes can vary, but they remain a critical consideration for homeowners.
Average Bailey Tax Bill
$870
Average Wilson County Tax Bill
$1,033
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27807 | $452 | $647 | $870 | $1,227 | $1,690 |
Source: Ownwell