Harmony, North Carolina Property Taxes
The median property tax rate in Harmony, NC is 0.73%, 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 $249,719 in Harmony, the typical annual property tax bill amounts to $1,651, well below the national median of $2,690. Property taxes in Harmony are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Harmony'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 Harmony 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
Harmony, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,823
Ownwell’s Harmony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmony 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 Harmony, North Carolina
Property taxes in Harmony, North Carolina, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Harmony is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmony 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 Harmony's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28634 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Harmony provides valuable insights into the varying tax landscape across Yadkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harmony Tax Rate
0.73%
Average Yadkin County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | 0.42% | 0.67% | 0.73% | 0.73% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Harmony, North Carolina
In Harmony, 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 Yadkin 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 Harmony, 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 Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harmony is $249,719, with the highest median tax bill recorded at $1,651 in zip code 28634.
Property Tax Assessment Values Across Harmony, North Carolina
Source: Ownwell
$114,852
$182,286
$249,719
Average Harmony Assessed Value
$249,719
Average Yadkin County Assessed Value
$133,219
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | $137,359 | $178,435 | $249,719 | $331,951 | $385,397 |
Source: Ownwell
Property Tax Bills Across Harmony, North Carolina
In Harmony, located in Yadkin County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For homeowners in Harmony, the median home price is $249,719. The local property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, tax bills in Harmony range widely, with the 25th percentile at $1,239 and the 75th percentile at $2,028. At the 90th percentile, tax bills can reach as high as $2,600. Compared to the national median property tax rate of 0.99%, Harmony's tax bills reflect a moderate range based on property values and local rates. Homeowners should be aware of these variables, as they directly impact annual financial obligations related to property ownership.
Average Harmony Tax Bill
$1,651
Average Yadkin County Tax Bill
$1,085
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | $746 | $1,239 | $1,651 | $2,028 | $2,600 |
Source: Ownwell