Locust, North Carolina Property Taxes
The median property tax rate in Locust, NC is 1.24%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Locust, the typical annual property tax bill reaches $2,570, slightly below the national median of $2,690. Property taxes in Locust 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 Locust'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 Locust or another part of Cabarrus County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Locust, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,634
Ownwell’s Locust Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust 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 Locust, North Carolina
Property taxes in Locust, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust is 1.24%, which is significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Locust set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust 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 Locust's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28097 has both the highest and lowest median property tax rate of 1.24%, indicating uniformity in tax rates within this area. Understanding how these cities compare with Locust provides valuable insights into the varying tax landscape across Cabarrus County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Tax Rate
1.24%
Average Cabarrus County Tax Rate
1.22%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | 1.05% | 1.20% | 1.24% | 1.25% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Locust, North Carolina
In Locust, 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 Cabarrus 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 Locust, 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 Locust helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Locust is $2,570 in zip code 28097, which is also the lowest median tax bill.
Average Locust Assessed Value
$212,390
Average Cabarrus County Assessed Value
$192,000
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | $40,000 | $162,125 | $212,390 | $302,925 | $357,154 |
Source: Ownwell
Property Tax Bills Across Locust, North Carolina
In Locust, NC, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. For example, in Cabarrus County, the median home price is $212,390. Homeowners in the 25th percentile can expect a tax bill of around $1,913, while those in the 75th percentile may see bills as high as $3,019. At the 90th percentile, tax bills can reach $4,025. The highest and lowest median tax bills in the area both stand at $2,570, reflecting consistency across different zip codes. This tax burden can significantly impact homeowners, influencing decisions on buying and selling properties. Compared to the national median property tax rate of 0.99%, Locust's tax rates can be considered moderate, providing a balanced environment for homeowners. Understanding these factors can help homeowners better manage their finances and plan for future expenses.
Average Locust Tax Bill
$2,570
Average Cabarrus County Tax Bill
$2,115
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | $1,020 | $1,913 | $2,570 | $3,019 | $4,025 |
Source: Ownwell