Lexington, North Carolina Property Taxes
The median property tax rate in Lexington, NC is 0.62%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Lexington at $132,825, the typical annual property tax bill is $796, well below the national median of $2,690. Property taxes in Lexington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the 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
0.62%
Estimate Property Tax Bill
$824
Ownwell’s Lexington Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lexington. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, you can explore neighborhood-level trends further down the page. Remember, your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Lexington, North Carolina
Property taxes in Lexington, 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 Lexington is 0.62%, which is lower than 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 zip code 27292 has the highest median property tax rate of 0.62%, while the same zip code also represents the lowest median tax rate of 0.62%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.62%
Average Randolph County Tax Rate
0.68%
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 |
|---|---|---|---|---|---|
| 27292 | 0.46% | 0.62% | 0.62% | 0.62% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, North Carolina
In Lexington, 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 Randolph 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. The median home price in Lexington is $132,825, with tax bills ranging from $511 at the 25th percentile to $1,509 at the 90th percentile. The zip code 27292 has the highest and lowest median tax bill at $796. Being aware of these valuation processes in Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lexington, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Lexington Assessed Value
$132,825
Average Randolph County Assessed Value
$167,245
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 |
|---|---|---|---|---|---|
| 27292 | $39,059 | $86,168 | $132,825 | $200,505 | $334,666 |
Source: Ownwell
Property Tax Bills Across Lexington, North Carolina
In Lexington, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Lexington is $132,825, which provides a baseline for understanding local tax burdens. Property tax bills in this area range significantly, with the 25th percentile paying around $511 annually, and the 75th percentile paying about $1256. Those in the 90th percentile can expect to pay up to $1509. The highest and lowest median tax bills in Lexington are both $796, indicating a consistent rate across the region. These taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services. Homeowners must budget for these taxes, as they can significantly impact overall housing costs. Compared to the national median property tax rate of 0.99%, Lexington's property tax rates reflect the local economic conditions and funding requirements.
Average Lexington Tax Bill
$796
Average Randolph County Tax Bill
$1,305
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 |
|---|---|---|---|---|---|
| 27292 | $243 | $511 | $796 | $1,256 | $1,509 |
Source: Ownwell