Nebo, North Carolina Property Taxes
The median property tax rate in Nebo, NC is 0.66%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Nebo, the typical annual property tax bill amounts to $917, well below the national median of $2,690. Property taxes in Nebo are calculated based on the tax assessed value, which often falls below market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Nebo'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 Nebo or another part of McDowell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Nebo, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$944
Ownwell’s NEBO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEBO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEBO 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 Nebo, North Carolina
Property taxes in Nebo, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nebo is 0.66%, lower than the U.S. national median of 0.99%. Local government entities within Nebo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nebo 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 Nebo's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28761 zip code has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Nebo provides valuable insights into the varying tax landscape across McDowell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nebo Tax Rate
0.66%
Average Mcdowell County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nebo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28761 | 0.66% | 0.66% | 0.66% | 0.67% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Nebo, North Carolina
In NEBO, 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 McDowell 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 NEBO, 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. For instance, the 25th percentile tax bill is $482, while the 75th percentile tax bill is $2203, and the 90th percentile tax bill reaches $4394. Both the highest and lowest median tax bills in the county are $917, specifically in the 28761 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Nebo Assessed Value
$142,960
Average Mcdowell County Assessed Value
$111,420
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nebo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28761 | $33,000 | $77,310 | $142,960 | $339,400 | $661,970 |
Source: Ownwell
Property Tax Bills Across Nebo, North Carolina
In NEBO, located in McDowell County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The local tax rate is applied to the assessed value to determine the annual property tax bill. For homeowners in NEBO, the median home price is $142,960. Property tax bills can vary significantly, with the 25th percentile tax bill at $482 and the 75th percentile tax bill reaching $2,203. At the 90th percentile, homeowners may see tax bills as high as $4,394. Several factors influence these variations, including the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. The highest and lowest median tax bills in NEBO are both $917, found in the zip code 28761. Compared to the national median property tax rate of 0.99%, NEBO's property tax rates can have a substantial impact on homeowners' annual expenses, affecting their overall cost of living and financial planning.
Average Nebo Tax Bill
$917
Average Mcdowell County Tax Bill
$723
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Nebo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28761 | $214 | $482 | $917 | $2,203 | $4,394 |
Source: Ownwell