Drexel, North Carolina Property Taxes
The median property tax rate in Drexel, NC is 0.72%, which is 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 Drexel at $57,056, the typical annual property tax bill is $408, far below the national median of $2,690. Property taxes in Drexel are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Drexel'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 Drexel or another part of Burke County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drexel, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$411
-$4,305
Ownwell’s Drexel Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Drexel with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Drexel to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a more localized level, you can find detailed neighborhood information below. Your property’s assessed value is the value assigned by Burke County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Drexel, North Carolina
Property taxes in Drexel, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drexel is 0.72%, lower than the U.S. national median of 0.99%. Local government entities within Drexel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drexel 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 Drexel's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28619 has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these areas compare with Drexel provides valuable insights into the varying tax landscape across Burke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drexel Tax Rate
0.72%
Average Burke County Tax Rate
0.72%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drexel, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28619 | 0.71% | 0.71% | 0.72% | 0.72% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Drexel, North Carolina
In Drexel, 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 Burke 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 Drexel, 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 Drexel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Drexel is $57,056. The highest and lowest median tax bills in the area are both $408, found in the 28619 zip code. Understanding these figures can help property owners gauge their potential tax liabilities and explore ways to minimize them.
Average Drexel Assessed Value
$57,056
Average Burke County Assessed Value
$144,639
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drexel, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28619 | $54,498 | $54,498 | $57,056 | $57,056 | $59,843 |
Source: Ownwell
Property Tax Bills Across Drexel, North Carolina
In Drexel, Burke County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The median home price in Drexel is $57,056, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Drexel typically see tax bills around $408, which is notably lower than the national median property tax rate of 0.99%. For homeowners, these property taxes fund essential local services like schools, public safety, and infrastructure. The tax bill can vary, with the 25th percentile at $393 and the 90th percentile reaching up to $437, reflecting differences in property values and assessments. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and plan accordingly, ensuring they can meet their financial obligations while benefiting from community services.
Average Drexel Tax Bill
$408
Average Burke County Tax Bill
$1,021
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Drexel, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28619 | $393 | $393 | $408 | $408 | $437 |
Source: Ownwell