Cherryville, North Carolina Property Taxes
The median property tax rate in Cherryville, NC is 0.82%, aligning with the state median but below the national median of 0.99%. With a median home value of $144,368, the typical annual property tax bill in Cherryville is $1,154, significantly less than the national median of $2,690. Property taxes in Cherryville are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Cherryville's property tax system and exploring available exemptions can lead to substantial annual savings. Whether you're in the heart of Cherryville or another part of Cleveland County, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cherryville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,184
Ownwell’s Cherryville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cherryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cherryville to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, scroll down to explore localized trends. Your property’s assessed value is the figure assigned by Cleveland County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Cherryville, North Carolina
Property taxes in Cherryville, 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 Cherryville is 0.82%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Cherryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cherryville 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 Cherryville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28021 zip code has the highest median property tax rate of 0.82%, while the 28021 zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Cherryville provides valuable insights into the varying tax landscape across Cleveland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherryville Tax Rate
0.82%
Average Cleveland County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | 0.79% | 0.80% | 0.82% | 0.89% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Cherryville, North Carolina
In Cherryville, 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 Cleveland 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 Cherryville, 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 Cherryville 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 28021, with a median bill of $1,154, while the same zip code also has the lowest median tax bill.
Property Tax Assessment Values Across Cherryville, North Carolina
Source: Ownwell
$55,703
$127,552
$199,401
Average Cherryville Assessed Value
$144,368
Average Cleveland County Assessed Value
$100,046
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | $28,027 | $67,966 | $144,368 | $295,053 | $412,883 |
Source: Ownwell
Property Tax Bills Across Cherryville, North Carolina
In Cherryville, Cleveland County, NC, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to arrive at your annual property tax bill. For example, with a median home price of $144,368, the property tax rate can significantly impact the final bill. Factors such as home improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Cherryville may find their tax bills varying widely. For instance, the 25th percentile tax bill is $584, whereas the 75th percentile reaches up to $2,327, and the 90th percentile can be as high as $3,315. This variability underscores the importance of understanding how local assessments and tax rates affect your financial obligations. With the national median property tax rate at 0.99%, comparing it to local rates can provide insight into whether you're paying more or less than the average American homeowner.
Average Cherryville Tax Bill
$1,154
Average Cleveland County Tax Bill
$887
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cherryville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28021 | $276 | $584 | $1,154 | $2,327 | $3,315 |
Source: Ownwell