Elkin, North Carolina Property Taxes
The median property tax rate in Elkin, NC is 0.77%, notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Elkin at $91,460, the typical annual property tax bill amounts to $666, significantly below the national median of $2,690. Property taxes in Elkin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elkin'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 Elkin or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$704
Ownwell’s Elkin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkin 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 Elkin, North Carolina
Property taxes in Elkin, 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 Elkin is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Elkin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkin 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 Elkin's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28621 zip code has the highest median property tax rate of 0.77%, while the 28621 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Elkin provides valuable insights into the varying tax landscape across Wilkes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkin Tax Rate
0.77%
Average Wilkes County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | 0.57% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Elkin, North Carolina
In Elkin, 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 Elkin, 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 Elkin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elkin is $666.00 in zip code 28621, which is also the lowest median tax bill.
Average Elkin Assessed Value
$91,460
Average Wilkes County Assessed Value
$107,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | $44,511 | $64,142 | $91,460 | $133,770 | $192,685 |
Source: Ownwell
Property Tax Bills Across Elkin, North Carolina
In Elkin, located in Wilkes County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county's tax assessor and reflects the market value of the property. Once the assessed value is established, the local property tax rate is applied to calculate the annual tax bill. For example, with a median home price of $91,460, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. In Elkin, the 25th percentile tax bill is around $457, while the 75th percentile reaches up to $970, and the 90th percentile can go as high as $1,385. Comparatively, the national median property tax rate is 0.99%, making Elkin's property tax burden relatively moderate. These tax bills directly impact homeowners by influencing their annual expenses and overall cost of owning property in the area.
Average Elkin Tax Bill
$666
Average Wilkes County Tax Bill
$770
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | $305 | $457 | $666 | $970 | $1,385 |
Source: Ownwell