Oakboro, North Carolina Property Taxes
The median property tax rate in Oakboro, NC is 0.72%, 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 $154,270 in Oakboro, the typical annual property tax bill amounts to $1,123, significantly below the national median of $2,690. Property taxes in Oakboro are based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Oakboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Oakboro or another part of Stanly County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,111
Ownwell’s Oakboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakboro 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 Oakboro, North Carolina
Property taxes in Oakboro, 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 Oakboro is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Oakboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakboro 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 Oakboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28129 zip code has the highest median property tax rate of 0.72%, while the 28129 zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Oakboro provides valuable insights into the varying tax landscape across Stanly County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakboro Tax Rate
0.72%
Average Stanly County Tax Rate
0.76%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28129 | 0.24% | 0.69% | 0.72% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Oakboro, North Carolina
In Oakboro, 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 county 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 Oakboro, 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 Oakboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 28129, both at $1123, highlighting the uniformity in this area.
Average Oakboro Assessed Value
$154,270
Average Stanly County Assessed Value
$133,890
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28129 | $66,822 | $101,885 | $154,270 | $220,524 | $309,798 |
Source: Ownwell
Property Tax Bills Across Oakboro, North Carolina
In Oakboro, Stanly County, NC, property tax bills are calculated based on the assessed value of a home. The median home price in Oakboro stands at $154,270. Homeowners' tax bills are determined by multiplying the assessed value by the local tax rate. For instance, tax bills in Oakboro range from the 25th percentile at $649 to the 75th percentile at $1,749, with the 90th percentile reaching up to $2,491. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. This assessed value is then subjected to the local tax rate, which determines the final tax bill. For homeowners, this means that properties with higher market values or significant improvements will likely face higher tax bills. When compared to the national median property tax rate of 0.99%, Oakboro's tax bills are relatively moderate, making it an appealing location for potential homeowners looking for manageable property taxes.
Average Oakboro Tax Bill
$1,123
Average Stanly County Tax Bill
$1,079
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28129 | $297 | $649 | $1,123 | $1,749 | $2,491 |
Source: Ownwell