Biltmore Forest, North Carolina Property Taxes
The median property tax rate in Biltmore Forest, NC is 0.49%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Biltmore Forest at $405,000, the typical annual property tax bill reaches $1,976, significantly below the national median of $2,690. Property taxes in Biltmore Forest 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 Biltmore Forest'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 Biltmore Forest 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
Biltmore Forest, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$1,985
$1,842
Ownwell’s Biltmore Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Biltmore Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Biltmore Forest 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 Biltmore Forest, North Carolina
Property taxes in Biltmore Forest, 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 Biltmore Forest is 0.49%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Biltmore Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Biltmore Forest 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 Biltmore Forest's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28803 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Biltmore Forest provides valuable insights into the varying tax landscape across Buncombe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Biltmore Forest Tax Rate
0.49%
Average Buncombe County Tax Rate
0.63%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Biltmore Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28803 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Biltmore Forest, North Carolina
In Biltmore Forest, 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 Buncombe 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 Biltmore Forest, 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 Biltmore Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $405,000, with tax bills ranging from $1,631 at the 25th percentile to $2,995 at the 90th percentile. Notably, the zip code 28803 has both the highest and lowest median tax bill of $1,976.
Property Tax Assessment Values Across Biltmore Forest, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Biltmore Forest Assessed Value
$405,000
Average Buncombe County Assessed Value
$268,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Biltmore Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28803 | $291,880 | $334,300 | $405,000 | $535,400 | $613,640 |
Source: Ownwell
Property Tax Bills Across Biltmore Forest, North Carolina
In Biltmore Forest, Buncombe County, NC, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Biltmore Forest is $405,000. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile at approximately $1,631 and the 75th percentile at around $2,613. The tax bill for the 90th percentile reaches up to $2,995. These figures are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. The local tax rate in Buncombe County is compared to the national median property tax rate of 0.99%, affecting how much homeowners pay annually. Higher property values typically result in higher tax bills, impacting homeowners by increasing their annual expenses. Understanding these factors can help homeowners plan their finances and potentially seek appeals or exemptions to reduce their tax burden.
Average Biltmore Forest Tax Bill
$1,976
Average Buncombe County Tax Bill
$1,904
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Biltmore Forest, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28803 | $1,424 | $1,631 | $1,976 | $2,613 | $2,995 |
Source: Ownwell