Key Largo, North Carolina Property Taxes
The median property tax rate in Key Largo, NC is 0.21%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Key Largo at $1,094,400, the typical annual property tax bill is $2,340, which is below the national median of $2,690. Property taxes in Key Largo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Key Largo's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Key Largo or another part of Avery County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Key Largo, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.21%
Estimate Property Tax Bill
$2,298
Ownwell’s Key Largo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Largo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Largo 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 Key Largo, North Carolina
Property taxes in Key Largo, 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 Key Largo is 0.69%, significantly higher than both the Avery County median of 0.38% and the U.S. national median of 0.99%. Local government entities within Key Largo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Largo 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 Key Largo's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28594 zip code has the highest median property tax rate of 0.69%, while the 28657 zip code has the lowest median tax rate of 0.38%. Understanding how these cities compare with Key Largo provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Key Largo Tax Rate
0.21%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Key Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | 0.21% | 0.21% | 0.21% | 0.21% | 0.21% |
Source: Ownwell
Property Tax Assessment Values Across Key Largo, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Key Largo, North Carolina. 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 Avery 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 Key Largo, 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 Key Largo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Key Largo are both $2,340, found in the 33037 zip code.
Property Tax Assessment Values Across Key Largo, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Key Largo Assessed Value
$1,094,400
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Key Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $1,094,400 | $1,094,400 | $1,094,400 | $1,094,400 | $1,094,400 |
Source: Ownwell
Property Tax Bills Across Key Largo, North Carolina
In Key Largo, Avery County, NC, property tax bills are calculated based on the assessed value of a property, which is often a percentage of its market value. The median home price in Key Largo is $1,094,400. The local property tax rate, combined with this assessed value, determines the annual tax bill for homeowners. Factors such as property size, location, and improvements can influence the assessed value. In Key Largo, the median property tax bill is $2,340, which is significantly lower than the national median property tax rate of 0.99%. This relatively modest tax burden can make homeownership more affordable, encouraging investment in the area. Homeowners in Key Largo benefit from a consistent tax bill, as evidenced by the 25th, 75th, and 90th percentiles all being $2,340. This consistency provides predictability in financial planning, allowing residents to better manage their expenses and invest in their properties with confidence.
Average Key Largo Tax Bill
$2,340
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33037 | $2,340 | $2,340 | $2,340 | $2,340 | $2,340 |
Source: Ownwell