Biltmore Lake, North Carolina Property Taxes
The median property tax rate in Biltmore Lake, NC is 0.59%, 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 Lake at $602,900, the typical annual property tax bill reaches $3,561, surpassing the national median of $2,690. Property taxes in Biltmore Lake 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 Lake'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 Lake or another part of Buncombe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Biltmore Lake, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$3,557
$3,301
Ownwell’s Biltmore Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Biltmore Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Biltmore Lake 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 Lake, North Carolina
Property taxes in Biltmore Lake, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Biltmore Lake is 0.59%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Biltmore Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Biltmore Lake 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 Lake's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28715 zip code has the highest median property tax rate of 0.59%, while the 28715 zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Biltmore Lake 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 Lake Tax Rate
0.59%
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 Lake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28715 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Biltmore Lake, North Carolina
In Biltmore Lake, 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 Lake, 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 Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $3,561, found in zip code 28715.
Property Tax Assessment Values Across Biltmore Lake, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Biltmore Lake Assessed Value
$602,900
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 Lake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28715 | $457,850 | $518,975 | $602,900 | $722,325 | $899,680 |
Source: Ownwell
Property Tax Bills Across Biltmore Lake, North Carolina
In Biltmore Lake, located in Buncombe County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. For instance, with a median home price of $602,900, the tax bill can vary significantly based on the assessed value and specific tax rates applied. Homeowners in this area typically see tax bills ranging from $3,061 at the 25th percentile to $5,322 at the 90th percentile. The median property tax bill in Biltmore Lake stands at $3,561, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Higher property values naturally lead to higher tax bills, impacting homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly. The variability in tax bills underscores the importance of accurate property assessments and awareness of local tax regulations.
Average Biltmore Lake Tax Bill
$3,561
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 Lake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28715 | $2,667 | $3,061 | $3,561 | $4,260 | $5,322 |
Source: Ownwell