Knoxville, North Carolina Property Taxes
The median property tax rate in Knoxville, NC is 0.42%, 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 $422,600 in Knoxville, the typical annual property tax bill amounts to $1,792, which is well below the national median of $2,690. Property taxes in Knoxville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Knoxville'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 Knoxville or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knoxville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,775
$1,647
Ownwell’s Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, North Carolina
Property taxes in Knoxville, 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 Knoxville is 0.42%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 37919 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Knoxville 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 Knoxville 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 Knoxville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37919 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, North Carolina
In Knoxville, 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 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 Knoxville, 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 Knoxville 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 bill is 37919, both at $1792.
Property Tax Assessment Values Across Knoxville, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Knoxville Assessed Value
$422,600
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 Knoxville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37919 | $422,600 | $422,600 | $422,600 | $422,600 | $422,600 |
Source: Ownwell
Property Tax Bills Across Knoxville, North Carolina
Property tax bills in Knoxville, Avery County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in Knoxville can expect a median property tax bill of $1,792, which is significantly lower than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value. For instance, a home in the 37919 zip code consistently shows a median tax bill of $1,792, reflecting uniformity in the area. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. While the tax rate in Knoxville may be favorable compared to national averages, homeowners should stay informed about their property's assessed value to ensure their tax bills remain accurate and fair.
Average Knoxville Tax Bill
$1,792
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37919 | $1,792 | $1,792 | $1,792 | $1,792 | $1,792 |
Source: Ownwell