Lake Lure, North Carolina Property Taxes
The median property tax rate in Lake Lure, 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 Lake Lure at $268,200, the typical annual property tax bill is $1,427, which is below the national median of $2,690. Property taxes in Lake Lure are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lake Lure'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 Lake Lure 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
Lake Lure, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,663
Ownwell’s Lake Lure Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lure with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lure 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 Lake Lure, North Carolina
Property taxes in Lake Lure, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lure is 0.62%, lower than the U.S. national median of 0.99%. Local government entities within Lake Lure set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Lure 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 Lake Lure's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28746 has the highest median property tax rate of 0.62%, while the same zip code 28746 also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Lake Lure 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 Lake Lure Tax Rate
0.62%
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 Lake Lure, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28746 | 0.32% | 0.42% | 0.62% | 0.75% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lure, North Carolina
In Lake Lure, 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 Lake Lure, 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. The median home price in the area is $268,200, with tax bills ranging from $610 at the 25th percentile to $6,605 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 28746, amounting to $1,427. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Lure, North Carolina
Source: Ownwell
$7,500
$137,850
$268,200
Average Lake Lure Assessed Value
$268,200
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 Lake Lure, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28746 | $70,650 | $134,525 | $268,200 | $587,075 | $978,050 |
Source: Ownwell
Property Tax Bills Across Lake Lure, North Carolina
In Lake Lure, located in Rutherford County, NC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Lake Lure typically see a range of tax bills. For instance, the 25th percentile tax bill is around $610, while the 75th percentile tax bill can reach up to $3,816. At the higher end, the 90th percentile tax bill is approximately $6,605. The median home price in Lake Lure is $268,200, which gives a sense of the property values in the area. Compared to the national median property tax rate of 0.99%, Lake Lure's tax rates can have a significant impact on homeowners, influencing their overall cost of living and financial planning. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Lake Lure Tax Bill
$1,427
Average Rutherford County Tax Bill
$516
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lure, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28746 | $362 | $610 | $1,427 | $3,816 | $6,605 |
Source: Ownwell