Bostic, North Carolina Property Taxes
The median property tax rate in Bostic, NC is 0.41%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value in Bostic of $120,400, the typical annual property tax bill amounts to $465, far below the national median of $2,690. Property taxes in Bostic are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bostic'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 Bostic or another part of Rutherford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bostic, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$494
Ownwell’s Bostic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bostic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bostic 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 Bostic, North Carolina
Property taxes in Bostic, 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 Bostic is 0.41%, which is lower than the U.S. national median of 0.99%. Local government entities within Bostic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bostic 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 Bostic's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28018 has both the highest and lowest median property tax rate of 0.41%, as it is the only data point available. Understanding how these cities compare with Bostic provides valuable insights into the varying tax landscape across Rutherford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bostic Tax Rate
0.41%
Average Rutherford County Tax Rate
0.45%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bostic, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28018 | 0.20% | 0.33% | 0.41% | 0.51% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Bostic, North Carolina
In Bostic, 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 Rutherford 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. 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 Bostic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Bostic are both $465, found in the zip code 28018.
Average Bostic Assessed Value
$120,400
Average Rutherford County Assessed Value
$123,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bostic, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28018 | $35,880 | $80,200 | $120,400 | $164,100 | $236,260 |
Source: Ownwell
Property Tax Bills Across Bostic, North Carolina
In Bostic, located in Rutherford County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Bostic is $120,400. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile paying around $316 and the 75th percentile reaching up to $655. For those at the 90th percentile, the tax bill can go as high as $979. The property tax rate in Bostic is influenced by various factors, including the assessed value of the property and the local tax rate set by the county. Compared to the national median property tax rate of 0.99%, Bostic's rates are relatively moderate. Homeowners need to budget for these taxes, as they impact the overall cost of owning a home. Understanding these factors can help residents better manage their finances and anticipate annual property tax expenses.
Average Bostic Tax Bill
$465
Average Rutherford County Tax Bill
$516
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bostic, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28018 | $148 | $316 | $465 | $655 | $979 |
Source: Ownwell