Cherryville, North Carolina Property Taxes
The median property tax rate in Cherryville, NC is 1.68%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Cherryville, the typical annual property tax bill reaches $1,684, exceeding the national median of $2,690. Property taxes in Cherryville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cherryville'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 Cherryville 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
Cherryville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,781
Ownwell’s Cherryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cherryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherryville 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 Cherryville, North Carolina
Property taxes in Cherryville, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherryville is 1.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Cherryville set these rates annually, and they can vary across different neighborhoods. Each year, Cherryville 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 Cherryville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28021 has both the highest and lowest median property tax rate of 1.68%. Understanding how these figures compare with Cherryville provides valuable insights into the varying tax landscape across Gaston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherryville Tax Rate
1.68%
Average Gaston County Tax Rate
1.65%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | 0.95% | 1.13% | 1.68% | 1.95% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Cherryville, North Carolina
In Cherryville, 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 Gaston 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 Cherryville, 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. For instance, the highest median tax bill in Cherryville is $1,684, which is considerably lower than the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Cherryville, North Carolina
Source: Ownwell
$48,800
$154,335
$259,870
Average Cherryville Assessed Value
$106,025
Average Gaston County Assessed Value
$132,190
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | $37,555 | $65,268 | $106,025 | $151,160 | $218,170 |
Source: Ownwell
Property Tax Bills Across Cherryville, North Carolina
In Cherryville, located in Gaston County, NC, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, determined by the county’s tax assessor. Homeowners in Cherryville face a median property tax bill of $1,684, which is higher than the national median property tax rate of 0.99%. Factors such as property location, home size, and any improvements made to the property influence the assessed value. For instance, homes in the 25th percentile have a tax bill of $1,027, while those in the 75th percentile see bills around $2,431. The top 10% of homeowners may pay up to $3,285. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners need to budget for these taxes as part of their annual expenses to avoid any financial surprises.
Average Cherryville Tax Bill
$1,684
Average Gaston County Tax Bill
$2,130
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | $606 | $1,027 | $1,684 | $2,431 | $3,285 |
Source: Ownwell