Memphis, North Carolina Property Taxes
The median property tax rate in Memphis, 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 Memphis at $375,000, the typical annual property tax bill amounts to $1,500, well below the national median of $2,690. Property taxes in Memphis 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 Memphis'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 Memphis 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
Memphis, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,500
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, North Carolina
Property taxes in Memphis, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 0.60%, significantly lower than the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28262 zip code has the highest median property tax rate of 1.05%, while the 27587 zip code has the lowest median tax rate of 0.45%. Understanding how these cities compare with Memphis 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 Memphis 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 Memphis, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 38120 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| 38125 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, North Carolina
In Memphis, 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. Assessment notices in Memphis 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. For example, the zip code with the highest median tax bill is 38111 at $2,271, while the lowest is 38120 at $1,025. Being aware of these valuation processes in Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Memphis, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Memphis Assessed Value
$375,000
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 Memphis, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | $567,800 | $567,800 | $567,800 | $567,800 | $567,800 |
| 38120 | $290,000 | $290,000 | $290,000 | $290,000 | $290,000 |
| 38125 | $375,000 | $375,000 | $375,000 | $375,000 | $375,000 |
Source: Ownwell
Property Tax Bills Across Memphis, North Carolina
In Memphis, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, homes in zip code 38111 see some of the highest median tax bills at $2,271, while those in 38120 experience the lowest at $1,025. Homeowners in Memphis can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,262, while those in the 75th percentile pay approximately $1,886. The top 10% of tax bills can reach up to $2,117. These figures are essential for homeowners to consider as they impact annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Memphis homeowners face a diverse range of tax obligations depending on their property's assessed value and location.
Average Memphis Tax Bill
$1,500
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38111 | $2,271 | $2,271 | $2,271 | $2,271 | $2,271 |
| 38120 | $1,025 | $1,025 | $1,025 | $1,025 | $1,025 |
| 38125 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
Source: Ownwell