Farragut, North Carolina Property Taxes
The median property tax rate in Farragut, NC is 0.42%, 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 Farragut at $320,600, the typical annual property tax bill is $1,359, which is well below the national median of $2,690. Property taxes in Farragut are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Farragut’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 Farragut 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
Farragut, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,347
$1,250
Ownwell’s Farragut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farragut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farragut 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 Farragut, North Carolina
Property taxes in Farragut, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farragut is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Farragut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farragut 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 Farragut's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 37934 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Farragut provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farragut Tax Rate
0.42%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farragut, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Farragut, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farragut, NC. 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 Avery 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 Farragut, 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 Farragut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Farragut is 37934, with a median tax bill of $1,359.
Property Tax Assessment Values Across Farragut, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Farragut Assessed Value
$320,600
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farragut, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | $320,600 | $320,600 | $320,600 | $320,600 | $320,600 |
Source: Ownwell
Property Tax Bills Across Farragut, North Carolina
In Farragut, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the estimated market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In this region, the median home price is $320,600, and the property tax rate is designed to generate revenue for essential public services like schools, emergency services, and infrastructure. Homeowners in Farragut experience a median property tax bill of $1,359, which is consistent across various percentiles, indicating a relatively uniform tax structure. This amount is below the national median property tax rate of 0.99%, offering some financial relief compared to other regions. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and plan their finances accordingly. Property taxes are a significant aspect of homeownership, impacting the overall cost of maintaining a property in Farragut.
Average Farragut Tax Bill
$1,359
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Farragut, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37934 | $1,359 | $1,359 | $1,359 | $1,359 | $1,359 |
Source: Ownwell