New York, North Carolina Property Taxes
The median property tax rate in New York, 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 New York at $50,000, the typical annual property tax bill is $200, far below the national median of $2,690. Property taxes in New York 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 New York'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 New York 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
New York, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$200
Ownwell’s New York Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New York with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New York 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 New York, North Carolina
Property taxes in New York, North Carolina, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in New York is 0.74%, lower than the North Carolina state median of 0.85% and the U.S. national median of 0.99%. Local government entities within New York set these rates annually, and they can vary significantly across different neighborhoods. Each year, New York 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 New York's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27601 zip code has the highest median property tax rate of 1.09%, while the 28301 zip code has the lowest median tax rate of 0.73%. Understanding how these cities compare with New York 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 New York 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 New York, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10029 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across New York, North Carolina
In New York, 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 New York, 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 New York helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Avery County is found in the 10029 zip code, while the lowest median tax bill is also in the 10029 zip code.
Property Tax Assessment Values Across New York, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average New York Assessed Value
$50,000
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 New York, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10029 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 |
Source: Ownwell
Property Tax Bills Across New York, North Carolina
In New York, Avery County, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessment process determines the taxable value, which is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $50,000, homeowners can expect to see tax bills around $200, regardless of whether they fall into the 25th, 75th, or 90th percentile. This uniformity in tax bills suggests a consistent application of the tax rate across different property values within the region. Compared to the national median property tax rate of 0.99%, the property tax rate in Avery County appears to be relatively moderate. Homeowners benefit from this predictability, allowing them to budget more effectively without unexpected increases in their property tax bills. This stability can make homeownership more affordable and attractive, particularly in a market where property values and taxes can vary widely.
Average New York Tax Bill
$200
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across New York, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 10029 | $200 | $200 | $200 | $200 | $200 |
Source: Ownwell