Lake Worth, North Carolina Property Taxes
The median property tax rate in Lake Worth, 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 Worth, the typical annual property tax bill is $900, well below the national median of $2,690. Property taxes in Lake Worth are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Lake Worth'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 Lake Worth 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 Worth, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$900
$835
Ownwell’s Lake Worth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Worth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Worth 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 Worth, North Carolina
Property taxes in Lake Worth, 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 Lake Worth is 0.60%, which is significantly higher than both the North Carolina state median of 0.50% and the U.S. national median of 0.99%. Local government entities within Lake Worth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Worth 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 Worth's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in North Carolina is found in zip code 28202 with a rate of 1.05%, while the lowest median tax rate is in zip code 27517 with a rate of 0.35%. Understanding how these cities compare with Lake Worth 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 Worth 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 Worth, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33467 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Lake Worth, North Carolina
In Lake Worth, 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 Worth, 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 Lake Worth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $900, found in ZIP code 33467.
Property Tax Assessment Values Across Lake Worth, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Lake Worth Assessed Value
$225,001
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 Worth, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33467 | $225,001 | $225,001 | $225,001 | $225,001 | $225,001 |
Source: Ownwell
Property Tax Bills Across Lake Worth, North Carolina
In Lake Worth, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $225,001, homeowners in Lake Worth face a median property tax bill of $900. This tax bill remains consistent across different percentiles, indicating a uniform application of tax rates within the area. Factors that influence the tax bill include the assessed value of the property and any applicable exemptions or deductions that homeowners may qualify for. The tax rate in Lake Worth is notably lower compared to the national median property tax rate of 0.99%, making it an appealing location for homeowners seeking lower property tax burdens. This relatively low tax rate can significantly affect homeowners by reducing their annual expenses, thereby making homeownership more affordable in Lake Worth.
Average Lake Worth Tax Bill
$900
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 Worth, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33467 | $900 | $900 | $900 | $900 | $900 |
Source: Ownwell