Longboat Key, North Carolina Property Taxes
The median property tax rate in Longboat Key, NC is 0.40%, 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 Longboat Key at $591,900, the typical annual property tax bill is $2,368, which is below the national median of $2,690. Property taxes in Longboat Key are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Longboat Key'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 Longboat Key or another part of Avery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Longboat Key, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,368
Ownwell’s Longboat Key Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Longboat Key with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Longboat Key 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 Longboat Key, North Carolina
Property taxes in Longboat Key, 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 Longboat Key is 0.40%, which is significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Longboat Key set these rates annually, and they can vary across different neighborhoods. Each year, Longboat Key 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 Longboat Key's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 34228 has both the highest and lowest median property tax rate in the region at 0.40%. Understanding how these cities compare with Longboat Key provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Longboat Key Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Longboat Key, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Longboat Key, North Carolina
In Longboat Key, 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 Avery 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 Longboat Key, 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 Longboat Key helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $591,900, with the median tax bill being $2,368. The zip code 34228 has both the highest and lowest median tax bills at $2,368.
Property Tax Assessment Values Across Longboat Key, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Longboat Key Assessed Value
$591,900
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Longboat Key, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | $591,900 | $591,900 | $591,900 | $591,900 | $591,900 |
Source: Ownwell
Property Tax Bills Across Longboat Key, North Carolina
In Longboat Key, Avery County, NC, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Longboat Key is $591,900. Property taxes here are calculated by multiplying the assessed value of the property by the county's tax rate. Homeowners in Longboat Key typically see a tax bill around $2,368, which falls within the 25th, 75th, and even the 90th percentiles for the area. Factors influencing the tax bill include the market value of the property and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Longboat Key's tax rate can significantly impact homeowners, especially given the high property values. This tax burden can affect household budgets and the overall cost of owning property in the area. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate annual expenses.
Average Longboat Key Tax Bill
$2,368
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Longboat Key, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34228 | $2,368 | $2,368 | $2,368 | $2,368 | $2,368 |
Source: Ownwell