Forest City, North Carolina Property Taxes
The median property tax rate in Forest City, NC is 0.48%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Forest City, the typical annual property tax bill reaches $522, significantly below the national median of $2,690. Property taxes in Forest City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forest City'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 Forest City or another part of Rutherford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$559
Ownwell’s Forest City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest City 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 Forest City, North Carolina
Property taxes in Forest City, 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 Forest City is 0.48%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Forest City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest City 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 Forest City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28043 zip code has the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Forest City provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest City Tax Rate
0.48%
Average Rutherford County Tax Rate
0.45%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28043 | 0.27% | 0.38% | 0.48% | 0.67% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Forest City, North Carolina
In Forest City, 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 Rutherford 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 Forest City, 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 Forest City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28043 has both the highest and lowest median tax bill at $522, reflecting the localized nature of property tax assessments.
Property Tax Assessment Values Across Forest City, North Carolina
Source: Ownwell
$7,500
$137,850
$268,200
Average Forest City Assessed Value
$116,500
Average Rutherford County Assessed Value
$123,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28043 | $42,580 | $81,600 | $116,500 | $154,000 | $203,700 |
Source: Ownwell
Property Tax Bills Across Forest City, North Carolina
In Forest City, located in Rutherford County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is influenced by factors such as the home's market value, location, and any improvements made. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. For homeowners in Forest City, the median home price is $116,500, which significantly impacts the tax bill. The 25th percentile of tax bills in this area is $352, while the 75th percentile reaches $774. At the 90th percentile, homeowners can expect to pay around $1,217 in property taxes. Comparatively, the highest and lowest median tax bills in the area are both $522, indicating a relatively consistent tax rate. These property taxes contribute to local services and infrastructure, affecting homeowners by influencing their overall cost of living and the value they receive from community amenities.
Average Forest City Tax Bill
$522
Average Rutherford County Tax Bill
$516
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28043 | $215 | $352 | $522 | $774 | $1,217 |
Source: Ownwell