Nicholasville, North Carolina Property Taxes
The median property tax rate in Nicholasville, 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 Nicholasville at $250,000, the typical annual property tax bill is $1,000, which is well below the national median of $2,690. Property taxes in Nicholasville are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Nicholasville'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 Nicholasville 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
Nicholasville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,000
Ownwell’s Nicholasville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nicholasville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nicholasville 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 Nicholasville, North Carolina
Property taxes in Nicholasville, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nicholasville is 0.85%, which is lower than the North Carolina state median of 0.86% but higher than the U.S. national median of 0.99%. Local government entities within Nicholasville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nicholasville 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 Nicholasville's effective property tax rate to other counties in North Carolina and the national median. For comparison, ZIP code 27517 has the highest median property tax rate of 1.05%, while ZIP code 28741 has the lowest median tax rate of 0.45%. Understanding how these cities compare with Nicholasville 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 Nicholasville 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 Nicholasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Nicholasville, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nicholasville, North Carolina. 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 Nicholasville, 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 Nicholasville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in zip code 40356, each at $1,000 annually.
Property Tax Assessment Values Across Nicholasville, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Nicholasville Assessed Value
$250,000
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 Nicholasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | $250,000 | $250,000 | $250,000 | $250,000 | $250,000 |
Source: Ownwell
Property Tax Bills Across Nicholasville, North Carolina
In Nicholasville, located in Avery County, NC, property tax bills are determined based on the assessed value of a home. The county's property tax rate is applied to this assessed value to calculate the annual tax bill. For instance, if a home's assessed value is $250,000, the tax bill would be determined by multiplying this value by the local tax rate. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made to the property. Homeowners in Nicholasville can expect a median property tax bill of $1,000, which is notably lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable and appealing in the area. The consistency in tax bills, with the 25th, 75th, and 90th percentiles all at $1,000, suggests a stable and predictable property tax environment. This stability provides homeowners with financial predictability and helps in long-term financial planning.
Average Nicholasville Tax Bill
$1,000
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Nicholasville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40356 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Source: Ownwell