New London, North Carolina Property Taxes
The median property tax rate in New London, NC is 0.69%, which is 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 $87,210 in New London, the typical annual property tax bill is $592, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New London'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 New London or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New London, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$602
Ownwell’s New London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New London 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 New London, North Carolina
Property taxes in New London, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New London is 0.69%, which is notably lower than the U.S. national median of 0.99%. Local government entities within New London set these rates annually, and they can vary significantly across different neighborhoods. Each year, New London 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 New London's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28127 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with New London provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New London Tax Rate
0.69%
Average Montgomery County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | 0.68% | 0.68% | 0.69% | 0.69% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across New London, North Carolina
In New London, 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 Montgomery 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 New London, 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 New London 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 $592.00, while the lowest median tax bill is also $592.00, both found in the 28127 zip code.
Property Tax Assessment Values Across New London, North Carolina
Source: Ownwell
$59,132
$95,947
$132,762
Average New London Assessed Value
$87,210
Average Montgomery County Assessed Value
$75,538
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | $17,604 | $41,685 | $87,210 | $336,387 | $592,251 |
Source: Ownwell
Property Tax Bills Across New London, North Carolina
In New London, NC, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the amount homeowners owe. Factors like property location, size, and improvements can influence the assessed value. For instance, the median home price in New London is $87,210, and property tax bills can vary widely. Homeowners in the 25th percentile pay around $287 annually, while those in the 75th percentile face bills of approximately $2,254. The highest tax bills, found in the 90th percentile, can reach up to $4,091. When compared to the national median property tax rate of 0.99%, New London homeowners experience a range of tax burdens. The highest and lowest median tax bills in the area are both $592, specifically in the 28127 zip code. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average New London Tax Bill
$592
Average Montgomery County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | $87 | $287 | $592 | $2,254 | $4,091 |
Source: Ownwell