Iron Station, North Carolina Property Taxes
The median property tax rate in Iron Station, NC is 1.31%, significantly higher than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in Iron Station at $114,000, the typical annual property tax bill reaches $1,514, surpassing the national median of $2,690. Property taxes in Iron Station 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 Iron Station'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 Iron Station 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
Iron Station, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,493
Ownwell’s Iron Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iron Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iron Station 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 Iron Station, North Carolina
Property taxes in Iron Station, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron Station is 1.31%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Iron Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron Station 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 Iron Station's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28080 zip code has both the highest and lowest median property tax rate of 1.31%. Understanding how these cities compare with Iron Station 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 Iron Station Tax Rate
1.31%
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 Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | 0.85% | 1.22% | 1.31% | 1.33% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Iron Station, North Carolina
In Iron Station, 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 Iron Station, 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 Iron Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1514, found in zip code 28080.
Property Tax Assessment Values Across Iron Station, North Carolina
Source: Ownwell
$48,800
$154,335
$259,870
Average Iron Station Assessed Value
$114,000
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 Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | $53,790 | $80,075 | $114,000 | $129,410 | $158,998 |
Source: Ownwell
Property Tax Bills Across Iron Station, North Carolina
In Iron Station, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Gaston County tax assessor. The tax rate is applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $114,000, homeowners can expect varying tax bills depending on their property's specific value and the applicable tax rate. Factors such as property size, location, and any improvements or renovations can influence the assessed value. In Iron Station, the 25th percentile tax bill is $891, while the 75th percentile tax bill reaches $1704, showing a range based on property values and assessments. The 90th percentile tax bill is $2089, indicating higher-end properties incur more taxes. Comparatively, the national median property tax rate is 0.99%, so Iron Station's tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their financial responsibilities and budget accordingly.
Average Iron Station Tax Bill
$1,514
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 Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | $596 | $891 | $1,514 | $1,704 | $2,089 |
Source: Ownwell