Lexington, North Carolina Property Taxes
The median property tax rate in Lexington, NC is 0.82%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $15,000 in Lexington, the typical annual property tax bill is $123, significantly below the national median of $2,690. Property taxes in Lexington are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lexington'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 Lexington 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
Lexington, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$123
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, North Carolina
Property taxes in Lexington, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.82%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27294 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Davidson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.82%
Average Guilford County Tax Rate
1.35%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27294 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lexington, NC. 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 Davidson 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lexington is $123 in the 27294 zip code, while the lowest is also $123 in the same zip code.
Property Tax Assessment Values Across Lexington, North Carolina
Source: Ownwell
$15,000
$189,700
$364,400
Average Lexington Assessed Value
$15,000
Average Guilford County Assessed Value
$164,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27294 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 |
Source: Ownwell
Property Tax Bills Across Lexington, North Carolina
In Lexington, located in Guilford 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 property tax rate to determine the annual tax bill. For instance, with a median home price of $15,000, the tax bill can vary depending on the exact rate applied. Several factors influence the assessed value, including the property's location, size, and condition. Additionally, any improvements or renovations can increase the assessed value, thereby raising the property tax bill. For homeowners in Lexington, understanding these factors is crucial as they directly impact the annual financial obligation tied to property ownership. Comparatively, the property tax rate in Lexington aligns with national trends, but the actual tax bills are relatively modest due to the lower median home price. This can be beneficial for homeowners looking to manage their expenses effectively while ensuring their property remains a valuable investment.
Average Lexington Tax Bill
$123
Average Guilford County Tax Bill
$1,922
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27294 | $123 | $123 | $123 | $123 | $123 |
Source: Ownwell