Canton, North Carolina Property Taxes
The median property tax rate in Canton, NC is 0.69%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $162,350 in Canton, the typical annual property tax bill amounts to $1,076, significantly below the national median of $2,690. Property taxes in Canton are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. Navigating Canton'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 Canton 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
Canton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,120
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, North Carolina
Property taxes in Canton, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other regions in North Carolina and the national median. For comparison, the 28716 zip code has the highest median property tax rate of 0.69%, while the same 28716 zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Canton provides valuable insights into the varying tax landscape across Haywood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.69%
Average Haywood County Tax Rate
0.67%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28716 | 0.53% | 0.64% | 0.69% | 0.73% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Canton, North Carolina
In Canton, 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 Haywood 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 Canton, 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 Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Canton are both $1,076 in zip code 28716, with tax bills varying from $786 at the 25th percentile to $2,049 at the 90th percentile.
Average Canton Assessed Value
$162,350
Average Haywood County Assessed Value
$194,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28716 | $82,510 | $116,500 | $162,350 | $231,275 | $331,090 |
Source: Ownwell
Property Tax Bills Across Canton, North Carolina
In Canton, NC, located in Haywood County, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in Canton is $162,350. To determine the tax bill, this assessed value is multiplied by the local tax rate. For example, homeowners at the 25th percentile can expect a tax bill of around $786, while those at the 75th percentile might see bills closer to $1,480. At the 90th percentile, tax bills can reach up to $2,049. Several factors influence the tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Understanding these elements is crucial for homeowners, as property taxes can significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Canton's property tax rate provides a context for homeowners to gauge their financial commitments.
Average Canton Tax Bill
$1,076
Average Haywood County Tax Bill
$1,259
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28716 | $495 | $786 | $1,076 | $1,480 | $2,049 |
Source: Ownwell