Lake Mary, North Carolina Property Taxes
The median property tax rate in Lake Mary, NC is 0.40%, 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 Lake Mary at $1,165,100, the typical annual property tax bill reaches $4,660, surpassing the national median of $2,690. Property taxes in Lake Mary are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Mary'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 Lake Mary 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
Lake Mary, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$4,660
Ownwell’s Lake Mary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Mary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Mary 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 Lake Mary, North Carolina
Property taxes in Lake Mary, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Mary is 0.40%, lower than the U.S. national median of 0.99%. Local government entities within Lake Mary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Mary 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 Lake Mary's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 32746 zip code has the highest median property tax rate of 0.40%, while the 32746 zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Lake Mary 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 Lake Mary Tax Rate
0.40%
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 Lake Mary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32746 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Lake Mary, North Carolina
In Lake Mary, 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 Lake Mary, 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. The median home price in Lake Mary is $1,165,100, with the 25th percentile tax bill at $3,976 and the 75th percentile at $5,345. The highest and lowest median tax bills, both at $4,660, are found in the 32746 zip code. Being aware of these valuation processes in Lake Mary helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake Mary, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Lake Mary Assessed Value
$1,165,100
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 Lake Mary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32746 | $891,180 | $993,900 | $1,165,100 | $1,336,300 | $1,439,020 |
Source: Ownwell
Property Tax Bills Across Lake Mary, North Carolina
In Lake Mary, Avery County, NC, property tax bills are calculated based on the property's assessed value and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. This value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $1,165,100, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Factors such as the property's location within the county, any applicable exemptions, and the specific tax rate set by local authorities are considered in the calculation. Homeowners in Lake Mary face tax bills ranging from the 25th percentile at $3,976 to the 90th percentile at $5,756, with the median tax bill being $4,660. This is higher than the national median property tax rate of 0.99%, reflecting the relatively high property values in the area. Understanding these calculations can help homeowners anticipate their annual property tax expenses and plan accordingly.
Average Lake Mary Tax Bill
$4,660
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Mary, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32746 | $3,565 | $3,976 | $4,660 | $5,345 | $5,756 |
Source: Ownwell