Elon, North Carolina Property Taxes
The median property tax rate in Elon, NC is 0.43%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $284,354 in Elon, the typical annual property tax bill amounts to $1,407, which is well below the national median of $2,690. Property taxes in Elon are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elon or another part of Alamance County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elon, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$1,223
Ownwell’s ELON Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in ELON with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in ELON to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Elon, North Carolina
Property taxes in Elon, 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 Elon is 0.43%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Elon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elon 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 Elon's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27244 has both the highest and lowest median property tax rate of 0.43%. Understanding how these areas compare with Elon provides valuable insights into the varying tax landscape across Alamance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elon Tax Rate
0.43%
Average Alamance County Tax Rate
0.49%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | 0.43% | 0.43% | 0.43% | 0.53% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Elon, North Carolina
In Elon, 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 Alamance 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 Elon, 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 Elon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elon is $1,407 in the 27244 zip code, while the lowest median tax bill is also $1,407 in the same zip code.
Average Elon Assessed Value
$284,354
Average Alamance County Assessed Value
$246,962
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $120,635 | $197,796 | $284,354 | $415,968 | $535,617 |
Source: Ownwell
Property Tax Bills Across Elon, North Carolina
In Elon, located in Alamance County, NC, property tax bills are determined by a combination of the assessed value of a home and the local tax rate. The median home price in Elon is $284,354, and property tax rates are applied to this assessed value to calculate the annual tax bill. Factors such as property location, market conditions, and any applicable exemptions play a role in determining the final assessed value. For homeowners in Elon, property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $961, while at the 75th percentile, it rises to $2000. In some cases, it can reach as high as $2760 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local tax burdens. Homeowners in Elon should be aware of these factors as they directly influence the amount they owe in property taxes each year, impacting their overall financial planning and homeownership costs.
Average Elon Tax Bill
$1,407
Average Alamance County Tax Bill
$1,218
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $613 | $961 | $1,407 | $2,000 | $2,760 |
Source: Ownwell