Sherrills Ford, North Carolina Property Taxes
The median property tax rate in Sherrills Ford, NC is 0.62%, which is 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 $699,111 in Sherrills Ford, the typical annual property tax bill comes to $4,336, surpassing the national median of $2,690. Property taxes in Sherrills Ford are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Sherrills Ford's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Sherrills Ford or another part of Lincoln County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Sherrills Ford, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$4,334
Ownwell’s Sherrills Ford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherrills Ford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherrills Ford 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 Sherrills Ford, North Carolina
Property taxes in Sherrills Ford, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherrills Ford is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Sherrills Ford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherrills Ford 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 Sherrills Ford's effective property tax rate to other counties in North Carolina and the national median. For comparison, the area with the highest median property tax rate in Lincoln County has a rate of 0.62%, while the area with the lowest median tax rate also has a rate of 0.62%. Understanding how these cities compare with Sherrills Ford provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sherrills Ford Tax Rate
0.62%
Average Lincoln County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherrills Ford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28673 | 0.61% | 0.62% | 0.62% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Sherrills Ford, North Carolina
In Sherrills Ford, 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 Lincoln 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 Sherrills Ford, 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 Sherrills Ford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,336, found in zip code 28673.
Property Tax Assessment Values Across Sherrills Ford, North Carolina
Source: Ownwell
$189,260
$444,186
$699,111
Average Sherrills Ford Assessed Value
$699,111
Average Lincoln County Assessed Value
$293,422
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sherrills Ford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28673 | $366,654 | $477,775 | $699,111 | $926,145 | $1,126,817 |
Source: Ownwell
Property Tax Bills Across Sherrills Ford, North Carolina
In Sherrills Ford, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The 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 $699,111, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Homeowners in Sherrills Ford experience a range of tax bills. At the 25th percentile, the tax bill is around $2,881, while at the 75th percentile, it rises to approximately $5,705. The 90th percentile sees tax bills reaching up to $6,915. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. These property taxes fund essential local services such as public schools, infrastructure, and emergency services. Therefore, while higher property values might lead to higher tax bills, they also contribute to the overall quality of life in the community.
Average Sherrills Ford Tax Bill
$4,336
Average Lincoln County Tax Bill
$2,128
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherrills Ford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28673 | $2,331 | $2,881 | $4,336 | $5,705 | $6,915 |
Source: Ownwell