Tyrone, North Carolina Property Taxes
The median property tax rate in Tyrone, 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 Tyrone, the typical annual property tax bill is around $9, which is much lower than the national median of $2,690. Property taxes in Tyrone are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tyrone'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 Tyrone 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
Tyrone, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$9
Ownwell’s Tyrone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tyrone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tyrone 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 Tyrone, North Carolina
Property taxes in Tyrone, 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 Tyrone is 0.85%, which is significantly higher than both the North Carolina state median of 0.70% and the U.S. national median of 0.99%. Local government entities within Tyrone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tyrone 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 Tyrone's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27513 has the highest median property tax rate of 0.92%, while 27511 has the lowest median tax rate of 0.63%. Understanding how these cities compare with Tyrone 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 Tyrone 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 Tyrone, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30290 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Tyrone, North Carolina
In Tyrone, 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 Tyrone, 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 Tyrone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tyrone, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Tyrone Assessed Value
$2,200
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 Tyrone, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30290 | $2,200 | $2,200 | $2,200 | $2,200 | $2,200 |
Source: Ownwell
Property Tax Bills Across Tyrone, North Carolina
In Tyrone, Avery County, NC, property tax bills are calculated based on the assessed value of a property. The local tax assessor determines the assessed value, which is then multiplied by the local tax rate to calculate the tax bill. Factors such as property size, location, and market conditions influence the assessed value. Avery County's property tax rate is compared to the national median property tax rate of 0.99%, making it essential for homeowners to understand their local rates. For homeowners in Tyrone, the median home price is $2,200, and the tax bills vary significantly. At the 25th percentile, the tax bill is $9, and it remains consistent at the 75th and 90th percentiles, also $9. This uniformity in tax bills can impact homeowners by providing predictable annual expenses, aiding in financial planning. Understanding these factors helps homeowners in Tyrone navigate their property tax obligations more effectively, ensuring they are prepared for their annual tax responsibilities.
Average Tyrone Tax Bill
$9
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Tyrone, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30290 | $9 | $9 | $9 | $9 | $9 |
Source: Ownwell