Lake Toxaway, North Carolina Property Taxes
The median property tax rate in Lake Toxaway, NC is 0.66%, 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 Toxaway, the typical annual property tax bill reaches $1,400, well below the national median of $2,690. Property taxes in Lake Toxaway are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Toxaway'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 Toxaway or another part of Transylvania County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Toxaway, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,460
Ownwell’s Lake Toxaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Toxaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Toxaway 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 Toxaway, North Carolina
Property taxes in Lake Toxaway, 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 Lake Toxaway is 0.66%, which is lower than the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Lake Toxaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Toxaway 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 Toxaway's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28747 has both the highest and lowest median property tax rate of 0.66%. Understanding how these areas compare with Lake Toxaway provides valuable insights into the varying tax landscape across Transylvania County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Toxaway Tax Rate
0.66%
Average Transylvania County Tax Rate
0.66%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Toxaway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28747 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lake Toxaway, North Carolina
In Lake Toxaway, 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 Transylvania 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 Toxaway, 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 Lake Toxaway 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 bill is 28747, both standing at $1400.
Property Tax Assessment Values Across Lake Toxaway, North Carolina
Source: Ownwell
$116,555
$185,613
$254,670
Average Lake Toxaway Assessed Value
$221,205
Average Transylvania County Assessed Value
$218,910
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Toxaway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28747 | $77,833 | $120,088 | $221,205 | $485,432 | $1,024,221 |
Source: Ownwell
Property Tax Bills Across Lake Toxaway, North Carolina
In Lake Toxaway, Transylvania County, NC, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county's tax assessor and reflects the market value of the property. The tax rate, applied to this assessed value, is set by local taxing authorities and influences the final tax bill. Homeowners in Lake Toxaway experience a range of property tax bills. The 25th percentile tax bill is $758, while the 75th percentile tax bill is $3,145, and the 90th percentile tax bill reaches $6,657. These variations depend on property values and the specific tax rates applied. With a median home price of $221,205, homeowners in Lake Toxaway face property taxes that can significantly impact their annual expenses. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property taxes in Lake Toxaway can vary widely, affecting homeowners differently based on their property's assessed value and the local tax rate.
Average Lake Toxaway Tax Bill
$1,400
Average Transylvania County Tax Bill
$1,388
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Toxaway, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28747 | $462 | $758 | $1,400 | $3,145 | $6,657 |
Source: Ownwell