Elon, North Carolina Property Taxes
The median property tax rate in Elon, NC is 0.85%, which is below the national median of 0.99% but slightly higher than the North Carolina state median of 0.82%. With a median home value of $107,920 in Elon, the typical annual property tax bill amounts to $857, significantly lower than the national median of $2,690. Property taxes in Elon are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Elon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in the heart of Elon or another part of Caswell County, being well-informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elon, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$917
Ownwell’s Elon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elon with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elon to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, 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 Elon, North Carolina
Property taxes in Elon, 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 Elon is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Elon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elon 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. Understanding how Elon's effective property tax rate compares to other areas in North Carolina and the national median provides valuable insights into the varying tax landscape across Caswell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elon Tax Rate
0.85%
Average Caswell County Tax Rate
0.87%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | 0.53% | 0.77% | 0.85% | 0.91% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Elon, North Carolina
In Elon, North Carolina, understanding the distinction between "market value" and "assessed value" is essential for navigating property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Caswell 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 Elon, 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 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 Elon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Caswell County, the highest and lowest median tax bills are both $857, found in the 27244 zip code.
Average Elon Assessed Value
$107,920
Average Caswell County Assessed Value
$93,808
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $52,772 | $71,722 | $107,920 | $179,220 | $255,327 |
Source: Ownwell
Property Tax Bills Across Elon, North Carolina
In Elon, located in Caswell 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. For example, with a median home price of $107,920, homeowners can expect varying tax bills depending on their property's value. At the 25th percentile, tax bills are around $609, while those at the 75th percentile can reach up to $1,362. For properties in the 90th percentile, tax bills can be as high as $1,885. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Elon's rates provide a context for homeowners to understand their financial obligations better. Understanding these factors helps homeowners budget effectively and anticipate their annual property tax responsibilities.
Average Elon Tax Bill
$857
Average Caswell County Tax Bill
$799
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $402 | $609 | $857 | $1,362 | $1,885 |
Source: Ownwell