Asheboro, North Carolina Property Taxes
The median property tax rate in Asheboro, NC is 0.74%, 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 $162,360 in Asheboro, the typical annual property tax bill amounts to $1,351, falling below the national median of $2,690. Property taxes in Asheboro 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 Asheboro'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 Asheboro 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
Asheboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,201
Ownwell’s Asheboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Asheboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Asheboro 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 Asheboro, North Carolina
Property taxes in Asheboro, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Asheboro is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Asheboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Asheboro 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 Asheboro's effective property tax rate to other areas in Randolph County and the national median. For comparison, the 27203 zip code has the highest median property tax rate of 1.33%, while the 27205 zip code has the lowest median tax rate of 0.65%. Understanding how these areas compare with Asheboro provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Asheboro Tax Rate
0.74%
Average Randolph County Tax Rate
0.68%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Asheboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27203 | 0.77% | 1.21% | 1.33% | 1.33% | 1.33% |
| 27205 | 0.62% | 0.62% | 0.65% | 0.77% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Asheboro, North Carolina
In Asheboro, 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 Randolph County 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 Asheboro, 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 example, the median home price in Asheboro is $162,360. The median tax bill varies significantly across different zip codes, with the highest in 27203 at $1,657 and the lowest in 27205 at $1,228. 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 Asheboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Asheboro, North Carolina
Source: Ownwell
$78,165
$163,113
$248,060
Average Asheboro Assessed Value
$162,360
Average Randolph County Assessed Value
$167,245
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Asheboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27203 | $79,102 | $101,910 | $138,490 | $185,105 | $233,756 |
| 27205 | $69,625 | $126,730 | $175,690 | $249,218 | $386,055 |
Source: Ownwell
Property Tax Bills Across Asheboro, North Carolina
In Asheboro, located in Randolph County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Asheboro can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in Asheboro is $162,360. Tax bills in the city range widely, with the 25th percentile at $910 and the 75th percentile at $2,058, indicating a broad spectrum of property values and corresponding tax responsibilities. For those in the 90th percentile, the tax bill can go as high as $2,947. The highest median tax bill within the city is $1,657 in the 27203 zip code, while the lowest is $1,228 in the 27205 zip code. Compared to the national median property tax rate of 0.99%, Asheboro's rates offer a diverse range of tax obligations, impacting homeowners differently based on their specific property assessments.
Average Asheboro Tax Bill
$1,351
Average Randolph County Tax Bill
$1,305
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Asheboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27203 | $802 | $1,153 | $1,657 | $2,283 | $2,907 |
| 27205 | $410 | $819 | $1,228 | $1,916 | $2,991 |
Source: Ownwell