Palm City, North Carolina Property Taxes
The median property tax rate in Palm City, 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 Palm City at $276,800, the typical annual property tax bill is $1,107, well below the national median of $2,690. Property taxes in Palm City 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 Palm City'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 Palm City 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
Palm City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,107
Ownwell’s Palm City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palm City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palm City 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 Palm City, North Carolina
Property taxes in Palm City, 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 Palm City is 0.85%, which is significantly higher than the North Carolina state median of 0.70% and the U.S. national median of 0.99%. Local government entities within Palm City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palm City 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 Palm City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27511 zip code has the highest median property tax rate of 1.20%, while the 27529 zip code has the lowest median tax rate of 0.60%. Understanding how these cities compare with Palm City 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 Palm City 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 Palm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34990 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Palm City, North Carolina
In Palm City, 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 Palm City, 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 Palm City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Palm City is $1107, found in zip code 34990, while the lowest median tax bill is also $1107, in the same zip code.
Property Tax Assessment Values Across Palm City, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Palm City Assessed Value
$276,800
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 Palm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34990 | $87,360 | $158,400 | $276,800 | $395,200 | $466,240 |
Source: Ownwell
Property Tax Bills Across Palm City, North Carolina
In Palm City, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Palm City, the median home price stands at $276,800. Property tax bills can vary significantly, with the 25th percentile at $634 and the 75th percentile at $1581. The 90th percentile reaches up to $1865, reflecting higher-valued properties. Comparatively, the national median property tax rate is 0.99%, making Palm City's rates relatively moderate. Understanding these factors helps homeowners anticipate their potential tax liabilities and plan accordingly. Properly managing property taxes ensures financial stability and supports local community services.
Average Palm City Tax Bill
$1,107
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Palm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 34990 | $349 | $634 | $1,107 | $1,581 | $1,865 |
Source: Ownwell