Troutman, North Carolina Property Taxes
The median property tax rate in Troutman, NC is 0.64%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $309,555 in Troutman, the typical annual property tax bill is around $2,286, falling below the national median of $2,690. Property taxes in Troutman are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Troutman'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 Troutman 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
Troutman, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,981
Ownwell’s Troutman Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Troutman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troutman 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 Iredell County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Troutman, North Carolina
Property taxes in Troutman, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troutman is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Troutman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troutman 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 Troutman's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28166 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Troutman provides valuable insights into the varying tax landscape across Iredell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troutman Tax Rate
0.64%
Average Iredell County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troutman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28166 | 0.60% | 0.61% | 0.64% | 1.11% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Troutman, North Carolina
In Troutman, 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 Iredell 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 Troutman, 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 Troutman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Troutman is $309,555, with the 25th percentile tax bill at $1,154 and the 75th percentile tax bill at $3,967. The highest and lowest median tax bills are both $2,286 in the 28166 zip code.
Property Tax Assessment Values Across Troutman, North Carolina
Source: Ownwell
$118,825
$462,923
$807,020
Average Troutman Assessed Value
$309,555
Average Iredell County Assessed Value
$268,560
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troutman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28166 | $70,917 | $167,292 | $309,555 | $440,235 | $706,096 |
Source: Ownwell
Property Tax Bills Across Troutman, North Carolina
In Troutman, located in Iredell County, NC, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is often a percentage of the market value of the home, and it is reassessed periodically to reflect changes in the real estate market. Homeowners in Troutman can expect a range of property tax bills depending on various factors such as the size, location, and condition of their property. For instance, the median home price in Troutman is $309,555. Based on this, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $1,154, whereas those at the 75th percentile could see bills as high as $3,967. The top 10% of property tax bills in the area can reach up to $5,239. These variations highlight the impact of property value assessments on tax liabilities, directly influencing the financial responsibilities of homeowners in Troutman.
Average Troutman Tax Bill
$2,286
Average Iredell County Tax Bill
$2,001
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Troutman, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28166 | $468 | $1,154 | $2,286 | $3,967 | $5,239 |
Source: Ownwell