Lexington, North Carolina Property Taxes
The median property tax rate in Lexington, 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 Lexington, the typical annual property tax bill reaches $16, far below the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington 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
Lexington, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$16
$15
Ownwell’s Lexington Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lexington to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more localized information, trends at the neighborhood level are available by scrolling down. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lexington, North Carolina
Property taxes in Lexington, 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 Lexington is 0.73%, which is higher than the North Carolina state median of 0.70% but still below the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington'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 Orange County at 1.20%, while the lowest median tax rate is in Avery County at 0.40%. Understanding how these cities compare with Lexington provides valuable insights into the varying tax landscape across Davidson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington 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 Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40509 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, North Carolina
In Lexington, 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 Davidson 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lexington, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Lexington Assessed Value
$4,000
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 Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40509 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
Source: Ownwell
Property Tax Bills Across Lexington, North Carolina
In Lexington, NC, property tax bills are determined by assessing the value of a property, which is then multiplied by the local tax rate. The assessed value is based on factors such as property size, location, and market conditions. For instance, in Avery County, the median home price is $4,000. Homeowners in the 25th, 75th, and 90th percentiles all face a tax bill of $16, suggesting a uniform tax rate application across different property values. The local tax rate in Lexington is a crucial factor, and it can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Lexington's effective tax rate can be considered when evaluating overall affordability. This uniformity in tax bills, regardless of percentile, indicates a consistent approach in tax assessment, providing a predictable financial obligation for homeowners. Understanding these factors helps homeowners anticipate their annual property tax responsibilities, aiding in better financial planning and stability.
Average Lexington Tax Bill
$16
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40509 | $16 | $16 | $16 | $16 | $16 |
Source: Ownwell