Leicester, North Carolina Property Taxes
The median property tax rate in Leicester, NC is 0.63%, 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 Leicester at $215,300, the typical annual property tax bill reaches $1,260, which is below the national median of $2,690. Property taxes in Leicester 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 Leicester'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 Leicester 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
Leicester, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$1,356
$1,259
Ownwell’s Leicester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leicester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leicester 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 Leicester, North Carolina
Property taxes in Leicester, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leicester is 0.63%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Leicester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leicester 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 Leicester's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28748 has both the highest and lowest median property tax rate of 0.63%. Understanding how these cities compare with Leicester 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 Leicester Tax Rate
0.63%
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 Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | 0.51% | 0.62% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Leicester, North Carolina
In Leicester, 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 Leicester, 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 Leicester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28748 has the highest median tax bill at $1,260, which is still below the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Leicester, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Leicester Assessed Value
$215,300
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 Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | $57,960 | $108,550 | $215,300 | $314,850 | $425,040 |
Source: Ownwell
Property Tax Bills Across Leicester, North Carolina
In Leicester, located in Buncombe County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in this area is $215,300. To determine the tax bill, the assessed value is multiplied by the local property tax rate. For Leicester, the property tax rate can vary, but homeowners can expect to pay anywhere from $590 at the 25th percentile to $2,547 at the 90th percentile annually. Several factors influence the property tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Comparatively, the national median property tax rate stands at 0.99%, making Leicester's rates competitive. High property taxes can significantly impact homeowners, affecting their monthly mortgage payments and overall affordability. Conversely, lower tax bills can make homeownership more accessible and financially manageable. Understanding these factors helps homeowners plan their finances better and anticipate future tax liabilities.
Average Leicester Tax Bill
$1,260
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 Leicester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28748 | $310 | $590 | $1,260 | $1,869 | $2,547 |
Source: Ownwell