Nocona, North Carolina Property Taxes
The median property tax rate in Nocona, NC is 0.40%, 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 Nocona, the typical annual property tax bill reaches $274, significantly below the national median of $2,690. Property taxes in Nocona 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 Nocona'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 Nocona 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
Nocona, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$274
Ownwell’s Nocona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nocona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nocona 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 Nocona, North Carolina
Property taxes in Nocona, 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 Nocona is 0.40%, which is significantly lower than both the North Carolina state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Nocona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nocona 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 Nocona's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28202 in Mecklenburg County has the highest median property tax rate of 1.05%, while the zip code 27501 in Johnston County has the lowest median tax rate of 0.70%. Understanding how these cities compare with Nocona 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 Nocona 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 Nocona, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76255 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Nocona, North Carolina
In Nocona, 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 Nocona, 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 Nocona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 76255, with a value of $274, and the lowest median tax bill is also in 76255, at $274.
Property Tax Assessment Values Across Nocona, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Nocona Assessed Value
$68,600
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 Nocona, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76255 | $68,600 | $68,600 | $68,600 | $68,600 | $68,600 |
Source: Ownwell
Property Tax Bills Across Nocona, North Carolina
In Nocona, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the home's market value. For instance, with a median home price of $68,600, the property tax bill can be influenced by this valuation. Factors considered in determining the tax bill include the property's size, location, and any improvements or additions made to it. The local tax rate is then applied to the assessed value. In Nocona, the median property tax bill is $274, which aligns with the 25th, 75th, and 90th percentiles, indicating a consistent tax rate across various property values. This tax rate is notably lower than the national median property tax rate of 0.99%, making it more affordable for homeowners in Nocona. Lower property taxes can ease the financial burden on homeowners, potentially making the area more attractive for new residents and real estate investments.
Average Nocona Tax Bill
$274
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Nocona, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 76255 | $274 | $274 | $274 | $274 | $274 |
Source: Ownwell