Liberty, North Carolina Property Taxes
The median property tax rate in Liberty, NC is 0.65%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $167,055 in Liberty, the typical annual property tax bill is around $1,305, which is well below the national median of $2,690. Property taxes in Liberty are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Liberty'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 Liberty or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liberty, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,086
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, North Carolina
Property taxes in Liberty, 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 Liberty is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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. Understanding how Liberty's effective property tax rate compares to other areas 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 Liberty Tax Rate
0.65%
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | 0.60% | 0.64% | 0.65% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, North Carolina
In Liberty, 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 Randolph 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 Liberty, 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 Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Liberty is $167,055, with tax bills ranging from $867 at the 25th percentile to $2,582 at the 90th percentile. The highest and lowest median tax bills are both $1,305 in the 27298 zip code.
Average Liberty Assessed Value
$167,055
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $69,913 | $116,602 | $167,055 | $232,605 | $333,088 |
Source: Ownwell
Property Tax Bills Across Liberty, North Carolina
In Liberty, located in Randolph County, NC, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. Homeowners in Liberty typically see a range of property tax bills, with the 25th percentile at $867 and the 75th percentile at $1,909. For those in the 90th percentile, tax bills can reach up to $2,582. Comparatively, the median property tax bill in Liberty is $1,305, which is higher than the national median property tax rate of 0.99%. This can impact homeowners by increasing their annual housing costs. Understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Liberty Tax Bill
$1,305
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $484 | $867 | $1,305 | $1,909 | $2,582 |
Source: Ownwell