Palm Beach, North Carolina Property Taxes
The median property tax rate in Palm Beach, 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 Palm Beach, the typical annual property tax bill amounts to $140, far below the national median of $2,690. Property taxes in Palm Beach are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Palm Beach'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 Palm Beach or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palm Beach, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$140
Ownwell’s Palm Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palm Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palm Beach 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 Palm Beach, North Carolina
Property taxes in Palm Beach, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palm Beach is 0.78%, higher than the North Carolina state median of 0.70% but lower than the U.S. national median of 0.99%. Local government entities within Palm Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palm Beach 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 Palm Beach'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 1.07%, while the 28401 zip code has the lowest median tax rate of 0.45%. Understanding how these cities compare with Palm Beach 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 Palm Beach 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 Palm Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Palm Beach, North Carolina
In Palm Beach, 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 Palm Beach, 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 Palm Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $140, are found in zip code 33480.
Property Tax Assessment Values Across Palm Beach, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Palm Beach Assessed Value
$35,000
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 Palm Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 |
Source: Ownwell
Property Tax Bills Across Palm Beach, North Carolina
Property tax bills in Palm Beach, Avery County, NC, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value reflects the market value of the property. The tax rate, applied to this assessed value, is set by local government authorities and can vary each year. For Palm Beach, the median home price stands at $35,000. Homeowners in this area experience a property tax bill that typically falls around $140, which remains consistent across different percentiles, including the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax rate in the region. Comparatively, the national median property tax rate is 0.99%, indicating that Palm Beach residents might be paying a relatively low rate. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations and plan accordingly. The predictability of these tax bills can offer peace of mind to property owners, ensuring there are no unexpected financial burdens.
Average Palm Beach Tax Bill
$140
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Palm Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33480 | $140 | $140 | $140 | $140 | $140 |
Source: Ownwell