Montreat, North Carolina Property Taxes
The median property tax rate in Montreat, NC is 1.02%, slightly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $343,250 in Montreat, the typical annual property tax bill reaches $3,492, surpassing the national median of $2,690. Property taxes in Montreat are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Montreat'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 Montreat 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
Montreat, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$3,501
$3,249
Ownwell’s Montreat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montreat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montreat 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 Montreat, North Carolina
Property taxes in Montreat, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montreat is 1.02%, slightly higher than the U.S. national median of 0.99%. Local government entities within Montreat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montreat 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 Montreat's effective property tax rate to other areas in Buncombe County and the national median. For comparison, the zip code 28757 has both the highest and lowest median property tax rate of 1.02%. Understanding how these areas compare with Montreat 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 Montreat Tax Rate
1.02%
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 Montreat, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28757 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Montreat, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Montreat, NC. 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 Montreat, 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 Montreat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28757 has both the highest and lowest median tax bill, which stands at $3,492.
Property Tax Assessment Values Across Montreat, North Carolina
Source: Ownwell
$42,650
$322,775
$602,900
Average Montreat Assessed Value
$343,250
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 Montreat, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28757 | $158,540 | $237,250 | $343,250 | $448,275 | $709,830 |
Source: Ownwell
Property Tax Bills Across Montreat, North Carolina
In Montreat, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions can influence the assessed value. For homeowners in Montreat, located in Buncombe County, the median home price is $343,250. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,394 and the 75th percentile reaching $4,603. The highest median tax bill in the area is $3,492, which is above the national median property tax rate of 0.99%. This means homeowners in Montreat may pay more in property taxes compared to other regions. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Montreat Tax Bill
$3,492
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 Montreat, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28757 | $1,566 | $2,394 | $3,492 | $4,603 | $7,573 |
Source: Ownwell