Woodfin, North Carolina Property Taxes
The median property tax rate in Woodfin, NC is 0.92%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $53,200 in Woodfin, the typical annual property tax bill amounts to $489, which is significantly below the national median of $2,690. Property taxes in Woodfin are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Woodfin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Woodfin or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Woodfin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$489
$454
Ownwell’s Woodfin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Woodfin with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woodfin to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more granular insights, localized trends at the neighborhood level are available as you scroll down. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Woodfin, North Carolina
Property taxes in Woodfin, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodfin is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Woodfin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodfin 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 Woodfin's effective property tax rate to other areas in Buncombe County and the national median. For comparison, the zip code 28804 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Woodfin 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 Woodfin Tax Rate
0.92%
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 Woodfin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28804 | 0.92% | 0.92% | 0.92% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Woodfin, North Carolina
In Woodfin, 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. Assessment notices in Woodfin 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 Woodfin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Woodfin are both $489.00, found in the 28804 zip code.
Average Woodfin Assessed Value
$53,200
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 Woodfin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28804 | $16,980 | $30,000 | $53,200 | $103,000 | $180,260 |
Source: Ownwell
Property Tax Bills Across Woodfin, North Carolina
In Woodfin, located in Buncombe County, NC, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Woodfin is $53,200. Property taxes are calculated by applying the local tax rate to the assessed value of the property. For instance, the tax bill for homes in the 25th percentile is around $259, while those in the 75th percentile pay approximately $879. The tax bill can go up to $1,699 for homes in the 90th percentile. The highest and lowest median tax bills in Woodfin are both $489, indicating a consistent tax rate across different areas within the city. Compared to the national median property tax rate of 0.99%, Woodfin's property taxes provide a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual property tax bills and manage their finances accordingly.
Average Woodfin Tax Bill
$489
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 Woodfin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28804 | $145 | $259 | $489 | $879 | $1,699 |
Source: Ownwell