Old Fort, North Carolina Property Taxes
The median property tax rate in Old Fort, NC is 0.65%, notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Old Fort at $300,650, the typical annual property tax bill comes to $1,948, which is also below the national median of $2,690. Property taxes in Old Fort 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 Old Fort'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 Old Fort 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
Old Fort, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,954
Ownwell’s Old Fort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Fort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Fort 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 Old Fort, North Carolina
Property taxes in Old Fort, North Carolina, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Fort is 0.65%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Old Fort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Fort 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 Old Fort's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28762 has both the highest and lowest median property tax rate of 0.65%. Understanding how these areas compare with Old Fort provides valuable insights into the varying tax landscape across Buncombe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Fort Tax Rate
0.65%
Average Buncombe County Tax Rate
0.63%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Old Fort, North Carolina
In Old Fort, 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 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 Old Fort, 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. The median home price in Old Fort is $300,650, with the 25th percentile tax bill at $1,399 and the 75th percentile tax bill at $2,188. 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 Old Fort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Old Fort, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Old Fort Assessed Value
$300,650
Average Buncombe County Assessed Value
$268,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | $122,990 | $215,825 | $300,650 | $337,700 | $344,540 |
Source: Ownwell
Property Tax Bills Across Old Fort, North Carolina
In Old Fort, located in Buncombe County, NC, property tax bills are calculated based on the assessed value of a property. The tax rate, set by local government authorities, is applied to this assessed value to determine the amount homeowners owe. With a median home price of $300,650, the property tax rate is an important factor in determining the tax bill. The 25th percentile tax bill in Old Fort is $1,399, while the 75th percentile tax bill is $2,188. At the 90th percentile, homeowners can expect to pay around $2,233. The highest and lowest median tax bills in Old Fort are both $1,948, reflecting the uniformity in property tax assessments within the zip code 28762. Compared to the national median property tax rate of 0.99%, Old Fort’s tax rates can significantly impact homeowners, influencing decisions on property purchases and financial planning. Understanding these factors is crucial for homeowners to manage their financial obligations effectively.
Average Old Fort Tax Bill
$1,948
Average Buncombe County Tax Bill
$1,904
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Fort, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28762 | $797 | $1,399 | $1,948 | $2,188 | $2,233 |
Source: Ownwell