Cherryville, North Carolina Property Taxes
The median property tax rate in Cherryville, NC is 0.63%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $197,849 in Cherryville, the typical annual property tax bill amounts to $1,369, which is below the national median of $2,690. Property taxes in Cherryville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Cherryville'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 Cherryville or another part of Lincoln County, understanding 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
0.63%
Estimate Property Tax Bill
$1,246
Ownwell’s Cherryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 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 Cherryville, North Carolina
Property taxes in Cherryville, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cherryville is 0.63%, which is 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 0.63%, while the 28021 zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Cherryville provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cherryville Tax Rate
0.63%
Average Lincoln County Tax Rate
0.64%
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 | 0.39% | 0.59% | 0.63% | 0.66% | 0.78% |
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 Lincoln 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 in Cherryville is 28021, with a median tax bill of $1369. This knowledge can empower homeowners to take informed actions regarding their property taxes.
Property Tax Assessment Values Across Cherryville, North Carolina
Source: Ownwell
$189,260
$444,186
$699,111
Average Cherryville Assessed Value
$197,849
Average Lincoln County Assessed Value
$293,422
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 | $17,357 | $54,690 | $197,849 | $324,894 | $483,906 |
Source: Ownwell
Property Tax Bills Across Cherryville, North Carolina
In Cherryville, located in Lincoln County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Cherryville can expect their property tax bills to vary significantly, with the 25th percentile paying around $513 and the 75th percentile paying approximately $2018 annually. For those at the 90th percentile, the tax bill can reach up to $2830. The median home price in Cherryville stands at $197,849, which influences the overall tax bill when combined with the local tax rate. While the national median property tax rate is 0.99%, homeowners in Cherryville may find their bills differ due to local assessments and rates. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners' annual financial planning and potentially influencing decisions on home improvements and real estate investments.
Average Cherryville Tax Bill
$1,369
Average Lincoln County Tax Bill
$2,128
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 | $295 | $513 | $1,369 | $2,018 | $2,830 |
Source: Ownwell