Largo, North Carolina Property Taxes
Largo, NC, has a median property tax rate of 0.14%, 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 $1,435,350 in Largo, the typical annual property tax bill is $1,580, which is well below the national median of $2,690. Property taxes in Largo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Largo'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 Largo 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
Largo, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.14%
Estimate Property Tax Bill
$2,009
Ownwell’s Largo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Largo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Largo, North Carolina
Property taxes in Largo, North Carolina, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Largo is 0.76%, significantly lower than the U.S. national median of 0.99%. Local government entities within Largo set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Largo's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in the county is 1.02%, while the lowest median tax rate is 0.14%. Understanding how these cities compare with 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 Largo Tax Rate
0.14%
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 Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33773 | 0.11% | 0.12% | 0.14% | 0.16% | 0.17% |
Source: Ownwell
Property Tax Assessment Values Across Largo, North Carolina
In Largo, 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 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. 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 Largo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Largo is 33773, with a median tax bill of $1,580.
Property Tax Assessment Values Across Largo, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Largo Assessed Value
$1,435,350
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 Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33773 | $562,350 | $889,725 | $1,435,350 | $1,980,975 | $2,308,350 |
Source: Ownwell
Property Tax Bills Across Largo, North Carolina
In Largo, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor’s office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Largo, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,090, while the 75th percentile tax bill is $2,071, and the 90th percentile tax bill reaches $2,365. Several factors influence these tax bills, including the market value of the home, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Largo with a median home price of $1,435,350 might find their tax bills higher or lower depending on these variables. Compared to the national median property tax rate of 0.99%, these tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Largo Tax Bill
$1,580
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Largo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33773 | $796 | $1,090 | $1,580 | $2,071 | $2,365 |
Source: Ownwell