Falcon, North Carolina Property Taxes
The median property tax rate in Falcon, NC is 1.28%, 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 Falcon at $81,380, the typical annual property tax bill reaches $1,100, which is lower than the national median of $2,690. Property taxes in Falcon are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Falcon'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 Falcon 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
Falcon, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,042
Ownwell’s Falcon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Falcon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falcon 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 Falcon, North Carolina
Property taxes in Falcon, North Carolina, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falcon is 1.28%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Falcon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falcon 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 Falcon's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28342 has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Falcon provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falcon Tax Rate
1.28%
Average Cumberland County Tax Rate
1.48%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falcon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28342 | 0.95% | 1.18% | 1.28% | 1.49% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Falcon, North Carolina
In Falcon, 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 Cumberland 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 Falcon, 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. The median home price in Falcon is $81,380, with tax bills ranging from $707 at the 25th percentile to $2,342 at the 90th percentile. The zip code with the highest and lowest median tax bill is 28342, with a median tax bill of $1,100. 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 Falcon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Falcon Assessed Value
$81,380
Average Cumberland County Assessed Value
$115,098
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falcon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28342 | $32,729 | $54,466 | $81,380 | $137,806 | $210,416 |
Source: Ownwell
Property Tax Bills Across Falcon, North Carolina
In Falcon, NC, property tax bills are calculated based on the assessed value of the home and the local tax rate set by Cumberland County. The median home price in Falcon is $81,380. Property taxes are determined by multiplying the assessed value of the property by the local tax rate. This means that a homeowner with a property valued at the median price could expect a tax bill around $707 at the 25th percentile, $1,455 at the 75th percentile, and $2,342 at the 90th percentile. These figures illustrate how property taxes can vary significantly based on the value of the home and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Falcon's property tax rates can have a substantial impact on homeowners, influencing their annual financial planning. Understanding these factors is crucial for homeowners in Falcon as it directly affects their overall cost of homeownership, potentially impacting decisions on buying, selling, or investing in property within the area.
Average Falcon Tax Bill
$1,100
Average Cumberland County Tax Bill
$1,668
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Falcon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28342 | $495 | $707 | $1,100 | $1,455 | $2,342 |
Source: Ownwell