Melbourne, North Carolina Property Taxes
The median property tax rate in Melbourne, 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 Melbourne, the typical annual property tax bill is $36, well below the national median of $2,690. Property taxes in Melbourne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Melbourne'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 Melbourne 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
Melbourne, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$36
Ownwell’s Melbourne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Melbourne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Melbourne 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 Melbourne, North Carolina
Property taxes in Melbourne, 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 Melbourne is 0.40%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Melbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Melbourne 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 Melbourne'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 27517, with a rate of 1.05%, while the lowest median tax rate is in 28401, standing at 0.30%. Understanding how these cities compare with Melbourne 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 Melbourne 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 Melbourne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32940 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Melbourne, North Carolina
In Melbourne, 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 Melbourne, 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 Melbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip codes with the highest and lowest tax bills in Melbourne range from $35 at the 25th percentile to $263 at the 90th percentile.
Property Tax Assessment Values Across Melbourne, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Melbourne Assessed Value
$9,000
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 Melbourne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32940 | $8,440 | $8,650 | $9,000 | $44,500 | $65,800 |
Source: Ownwell
Property Tax Bills Across Melbourne, North Carolina
In Melbourne, Avery County, NC, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For instance, if your home's assessed value is $9,000 and the tax rate is set by the county, your tax bill will reflect that rate accordingly. Several factors influence this calculation, including the property's market value, location, and any applicable exemptions or deductions. Homeowners in Melbourne can expect a range of tax bills, with the 25th percentile at $35, the 75th percentile at $178, and the 90th percentile reaching $263. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. However, they can also represent a significant expense for homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated can help homeowners better plan their finances and potentially appeal their assessed values if they believe them to be inaccurate.
Average Melbourne Tax Bill
$36
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Melbourne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32940 | $34 | $35 | $36 | $178 | $263 |
Source: Ownwell