Morganton, North Carolina Property Taxes
The median property tax rate in Morganton, 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 Morganton, the typical annual property tax bill is $16, far less than the national median of $2,690. Property taxes in Morganton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Morganton'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 Morganton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morganton, 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 Morganton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morganton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morganton 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 Morganton, North Carolina
Property taxes in Morganton, 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 Morganton is 0.60%, which is higher than both the North Carolina state median of 0.52% and the U.S. national median of 0.99%. Local government entities within Morganton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morganton 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 Morganton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28655 has the highest median property tax rate of 0.60%, while the zip code 28645 has the lowest median tax rate of 0.40%. Understanding how these cities compare with Morganton 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 Morganton 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 Morganton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28655 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Morganton, North Carolina
In Morganton, 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 local 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 Morganton, 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 Morganton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morganton, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Morganton 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 Morganton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28655 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
Source: Ownwell
Property Tax Bills Across Morganton, North Carolina
In Morganton, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, if a home is assessed at $4,000 and the tax rate is consistent with the county's average, the property tax would be relatively modest. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. These factors ensure that the assessed value is a fair representation of the property's market value. Homeowners in Morganton benefit from relatively low property taxes compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, allowing residents to allocate their resources to other essential expenses or investments.
Average Morganton 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 Morganton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28655 | $16 | $16 | $16 | $16 | $16 |
Source: Ownwell