Liberty, North Carolina Property Taxes
The median property tax rate in Liberty, NC is 0.52%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Liberty at $225,512, the typical annual property tax bill reaches $1,166, which is significantly below the national median of $2,690. Property taxes in Liberty are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Liberty'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 Liberty 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
Liberty, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$1,173
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, North Carolina
Property taxes in Liberty, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty is 0.52%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27298 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Liberty provides valuable insights into the varying tax landscape across Alamance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
0.52%
Average Alamance County Tax Rate
0.49%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | 0.51% | 0.52% | 0.52% | 0.52% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Liberty, NC. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Alamance 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 Liberty, 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. For example, the median home price in Liberty is $225,512, with tax bills ranging from $774 at the 25th percentile to $2,198 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 27298, with a median tax bill of $1,166. 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 Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Liberty, North Carolina
Source: Ownwell
$100,580
$382,849
$665,118
Average Liberty Assessed Value
$225,512
Average Alamance County Assessed Value
$246,962
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $84,157 | $149,758 | $225,512 | $317,878 | $424,077 |
Source: Ownwell
Property Tax Bills Across Liberty, North Carolina
In Liberty, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. Assessments are based on the property's market value, which is determined periodically by the county assessor. For homeowners, several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. The median home price in Liberty is $225,512. Property tax bills in the area vary significantly, with the 25th percentile at $774, the 75th percentile at $1,643, and the 90th percentile reaching $2,198. The highest median tax bill in the area is $1,166, found in the 27298 zip code. Compared to the national median property tax rate of 0.99%, Liberty's property tax rates can be quite competitive, offering some relief to homeowners. However, the variability in tax bills means that individual circumstances, such as property improvements or changes in market conditions, can significantly impact the amount owed annually. This system ensures that property taxes are fairly distributed based on the value and characteristics of each property.
Average Liberty Tax Bill
$1,166
Average Alamance County Tax Bill
$1,218
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $437 | $774 | $1,166 | $1,643 | $2,198 |
Source: Ownwell