Millstone Township, North Carolina Property Taxes
The median property tax rate in Millstone Township, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value in Millstone Township of $165,000, the typical annual property tax bill amounts to $660, well below the national median of $2,690. Property taxes in Millstone Township are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Millstone Township'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 Millstone Township or another part of Avery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Millstone Township, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$660
Ownwell’s Millstone Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstone Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstone Township 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 Millstone Township, North Carolina
Property taxes in Millstone Township, 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 Millstone Township is 0.60%, which is higher than the North Carolina state median of 0.52% but still lower than the U.S. national median of 0.99%. Local government entities within Millstone Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstone Township 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 Millstone Township's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code with the highest median property tax rate in the region is 27514 with a rate of 1.21%, while the lowest is 27949 with a rate of 0.38%. Understanding how these areas compare with Millstone Township provides valuable insights into the varying tax landscape across 37011, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millstone Township 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 Millstone Township, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Millstone Township, North Carolina
In Millstone Township, 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. 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 Millstone Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Millstone Township is $165,000, with the highest and lowest median tax bill both recorded at $660 in the 08510 zip code.
Property Tax Assessment Values Across Millstone Township, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Millstone Township Assessed Value
$165,000
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 Millstone Township, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | $165,000 | $165,000 | $165,000 | $165,000 | $165,000 |
Source: Ownwell
Property Tax Bills Across Millstone Township, North Carolina
In Millstone Township, Avery County, NC, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For a median home price of $165,000, homeowners can expect a tax bill around $660, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The assessed value is typically a percentage of the market value of the property, and local governments use this value to ensure fair taxation. For homeowners, understanding how their property tax bill is calculated is crucial for financial planning. A lower tax bill, like the one in Millstone Township, can make homeownership more affordable and can be a significant factor when considering purchasing property in the area.
Average Millstone Township Tax Bill
$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 Millstone Township, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 08510 | $660 | $660 | $660 | $660 | $660 |
Source: Ownwell