Spring Hope, Franklin County, North Carolina Property Taxes

Name: Property Tax Bills Across Spring Hope, Franklin County, North Carolina
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median SPRING HOPE, NC effective property tax rate: 0.94%, slightly lower than the national median of 1.02%, but higher than the North Carolina state median of 0.82%.
Median SPRING HOPE, NC home value: $118,350
Median annual SPRING HOPE, NC tax bill: $1,110, $1,290 lower than the national median property tax bill of $2,400.

How are property taxes in Franklin calculated?

Property taxes in SPRING HOPE, NC are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding SPRING HOPE’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in SPRING HOPE, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Spring Hope, Franklin County, North Carolina Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.63%

Estimate Property Tax Bill

$1,341

$1,245

Ownwell’s Spring Hope Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Spring Hope with just two data points. By entering your property's estimated assessed value, our calculator applies Spring Hope’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Franklin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Spring Hope, Franklin County, North Carolina

Local government entities are responsible for setting tax rates, which can vary significantly even within the same state. This variation occurs because each county, like Franklin County, estimates its required annual budget to provide essential services and divides it by the total value of all taxable property within its jurisdiction. The result of this calculation is the property tax rate. While votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.

In Spring Hope, located in Franklin County, the effective property tax rate can be compared to other cities in North Carolina, as well as the median property tax rates in the state and across the U.S. The median property tax rate in North Carolina is slightly below the national median, which can offer some relief to property owners in Spring Hope. Understanding these differences is crucial for homeowners seeking to manage their property tax liabilities effectively. By staying informed and considering potential appeals or exemptions, property owners in Spring Hope can better navigate the complexities of property taxation.

Property Tax Rates Across Spring Hope, Franklin County, North Carolina

Source: Ownwell

0.62%

0.80%

0.98%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Spring Hope Tax Rate

0.63%

Median Effective Franklin County Tax Rate

0.62%

Median Effective North Carolina Tax Rate

0.81%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Spring Hope, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
27882	0.56%	0.60%	0.63%	0.66%	0.68%

Source: Ownwell

Property Tax Assessment Values Across Spring Hope, Franklin County, North Carolina

When examining property taxes in Spring Hope, NC, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Franklin County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Franklin County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Spring Hope. For example, the median home price in Spring Hope is $118,350, with tax bills ranging significantly across the county. 27882 has the highest median home price at $118,350.

Property Tax Assessment Values Across Spring Hope, Franklin County, North Carolina

Source: Ownwell

$111,850

$266,005

$420,160

Median Spring Hope Market Value

$212,880

Median Franklin County Market Value

$285,020

Median North Carolina Market Value

$221,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Spring Hope, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
27882	$90,300	$144,920	$212,880	$323,170	$429,056

Source: Ownwell

Property Tax Bills Across Spring Hope, Franklin County, North Carolina

In Spring Hope, Franklin County, NC, property tax bills are calculated based on the assessed value of a property, which is determined by the county's tax assessor. The assessed value is a percentage of the property's market value, which can fluctuate based on local real estate trends. The property tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Spring Hope face a median property tax bill of $1,110, which is significantly lower than the national median of $2,400. However, tax bills can vary widely, with the 25th percentile paying around $777 and the 90th percentile facing bills as high as $2,125. This variability can be attributed to differences in property values and exemptions. Ownwell offers valuable assistance by helping homeowners navigate the complexities of property tax appeals and exemptions. By leveraging their expertise, homeowners can potentially reduce their tax liabilities, ensuring they pay only what is fair and justified based on their property's true value.

Property Tax Bills Across Spring Hope, Franklin County, North Carolina

Source: Ownwell

$677

$2,276

$3,874

Median Spring Hope Tax Bill

$1,312

Median Franklin County Tax Bill

$1,804

Median North Carolina Tax Bill

$1,813

Median United States Tax Bill

$2,400

Property Tax Bills Across Spring Hope, Franklin County, North Carolina

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
27882	$518	$900	$1,312	$1,952	$2,409

Source: Ownwell