Monroe, North Carolina Property Taxes
The median property tax rate in Monroe, NC is 0.67%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $222,200 in Monroe, the typical annual property tax bill amounts to $1,729, which is below the national median of $2,690. Property taxes in Monroe are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Monroe'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 Monroe or another part of Union County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$1,489
Ownwell’s Monroe Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Monroe to provide an estimated property tax bill. This user-friendly tool helps you understand your potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available below. Your property’s assessed value is determined by Union County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Monroe, North Carolina
Property taxes in Monroe, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.67%, lower than the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other areas in Union County and the national median. For comparison, the 28110 zip code has the highest median property tax rate of 0.67%, while the 28112 zip code has the lowest median tax rate of 0.63%. Understanding how these areas compare with Monroe provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
0.67%
Average Union County Tax Rate
0.67%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28079 | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
| 28110 | 0.63% | 0.64% | 0.67% | 1.09% | 1.09% |
| 28112 | 0.61% | 0.62% | 0.63% | 1.09% | 1.09% |
| 28174 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, North Carolina
In Monroe, 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 Union County Tax Assessor 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 Monroe, 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. Monroe's median home price stands at $222,200, with the 25th percentile tax bill at $1,155 and the 75th percentile at $2,321. The highest median tax bill is $2,247 in zip code 28174, while the lowest is $712 in zip code 28079. Being aware of these valuation processes in Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe Assessed Value
$222,200
Average Union County Assessed Value
$277,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28079 | $549,500 | $549,500 | $549,500 | $549,500 | $549,500 |
| 28110 | $91,900 | $177,100 | $234,500 | $299,900 | $389,900 |
| 28112 | $64,300 | $126,000 | $198,800 | $259,775 | $347,300 |
| 28174 | $343,100 | $343,100 | $343,100 | $343,100 | $343,100 |
Source: Ownwell
Property Tax Bills Across Monroe, North Carolina
Property tax bills in Monroe, NC, are determined based on the assessed value of a property and the local tax rate. In Union County, the assessed value is a percentage of the market value, which is determined by periodic county assessments. For homeowners in Monroe, property tax bills vary significantly. For example, the tax bill at the 25th percentile is $1,155, while at the 75th percentile, it is $2,321. The 90th percentile tax bill can go up to $2,942, reflecting the diversity in property values within the city. These tax bills are influenced by several factors, including property size, location, and any improvements made to the property. Higher-valued properties, such as those in zip code 28174, can see median tax bills as high as $2,247, whereas properties in zip code 28079 may have median tax bills as low as $712. Compared to the national median property tax rate of 0.99%, Monroe's property tax rates can significantly impact homeowners, affecting their annual financial planning and overall housing affordability.
Average Monroe Tax Bill
$1,729
Average Union County Tax Bill
$2,194
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28079 | $712 | $712 | $712 | $712 | $712 |
| 28110 | $701 | $1,320 | $1,850 | $2,438 | $3,123 |
| 28112 | $441 | $903 | $1,477 | $2,071 | $2,583 |
| 28174 | $2,247 | $2,247 | $2,247 | $2,247 | $2,247 |
Source: Ownwell