Boonville, North Carolina Property Taxes
The median property tax rate in Boonville, NC is 0.75%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Boonville at $143,738, the typical annual property tax bill is $1,182, which falls below the national median of $2,690. Property taxes in Boonville are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Boonville'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 Boonville 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
Boonville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,078
Ownwell’s Boonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boonville 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 Boonville, North Carolina
Property taxes in Boonville, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boonville is 0.75%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Boonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boonville 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 Boonville's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27011 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these areas compare with Boonville provides valuable insights into the varying tax landscape across Yadkin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boonville Tax Rate
0.75%
Average Yadkin County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boonville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27011 | 0.47% | 0.73% | 0.75% | 0.84% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Boonville, North Carolina
In Boonville, 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 Yadkin 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 Boonville, 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 Boonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Boonville is $1,182 in the 27011 zip code, while the lowest median tax bill is also $1,182 in the same zip code.
Property Tax Assessment Values Across Boonville, North Carolina
Source: Ownwell
$114,852
$182,286
$249,719
Average Boonville Assessed Value
$143,738
Average Yadkin County Assessed Value
$133,219
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boonville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27011 | $50,402 | $88,014 | $143,738 | $209,264 | $299,144 |
Source: Ownwell
Property Tax Bills Across Boonville, North Carolina
In Boonville, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically determined by the county and is based on the market value of the property. For instance, with a median home price of $143,738, homeowners can expect their tax bill to vary significantly based on the assessed value and applicable tax rates. The 25th percentile of tax bills is around $752, while the 75th percentile reaches up to $1,698. At the 90th percentile, homeowners might see tax bills as high as $2,313. These figures highlight the range of property tax burdens within the area. Comparatively, the national median property tax rate is 0.99%, which can serve as a benchmark for understanding local tax burdens. Homeowners in Boonville need to consider these factors when budgeting for annual expenses, as property taxes can significantly impact overall homeownership costs.
Average Boonville Tax Bill
$1,182
Average Yadkin County Tax Bill
$1,085
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Boonville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27011 | $491 | $752 | $1,182 | $1,698 | $2,313 |
Source: Ownwell