Leicester, North Carolina Property Taxes
The median property tax rate in Leicester, NC is 0.64%, notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $180,106 in Leicester, the typical annual property tax bill amounts to $1,009, significantly below the national median of $2,690. Property taxes in Leicester are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Leicester'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 Leicester 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
Leicester, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,153
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, North Carolina
Property taxes in Leicester, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 0.64%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28748 zip code has the highest median property tax rate of 0.64%, while it also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Leicester provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leicester Tax Rate
0.64%
Average Madison County Tax Rate
0.62%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | 0.32% | 0.64% | 0.64% | 0.71% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, North Carolina
In Leicester, 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 Madison 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 Leicester, 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 Leicester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 28748 has both the highest and lowest median tax bill, each at $1009.
Property Tax Assessment Values Across Leicester, North Carolina
Source: Ownwell
$140,735
$214,348
$287,960
Average Leicester Assessed Value
$180,106
Average Madison County Assessed Value
$177,610
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | $50,754 | $100,710 | $180,106 | $294,250 | $401,647 |
Source: Ownwell
Property Tax Bills Across Leicester, North Carolina
Property tax bills in Leicester, NC, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is an estimate of the property's market value, which is periodically evaluated by the county. In Leicester, the median home price is $180,106, and the property tax rate is influenced by Madison County's policies. Homeowners in Leicester can expect their tax bills to vary significantly based on their property's assessed value. For instance, the tax bill at the 25th percentile is $666, while at the 75th percentile, it rises to $1,678, and at the 90th percentile, it can reach $2,526. Comparatively, the national median property tax rate is 0.99%, which provides context for understanding local tax burdens. For Leicester residents, the highest and lowest median tax bills are both $1,009 in the 28748 zip code. These property taxes fund essential public services, impacting overall community well-being and individual homeowner finances.
Average Leicester Tax Bill
$1,009
Average Madison County Tax Bill
$1,078
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | $420 | $666 | $1,009 | $1,678 | $2,526 |
Source: Ownwell