Lenoir, North Carolina Property Taxes
The median property tax rate in Lenoir, NC is 0.73%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Lenoir at $154,987, the typical annual property tax bill amounts to $1,068, significantly below the national median of $2,690. Property taxes in Lenoir 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 Lenoir'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 Lenoir or another part of Burke County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lenoir, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,131
-$11,857
Ownwell’s Lenoir Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenoir with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenoir 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 Lenoir, North Carolina
Property taxes in Lenoir, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenoir is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Lenoir set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenoir 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 Lenoir's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28645 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Lenoir provides valuable insights into the varying tax landscape across Caldwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenoir Tax Rate
0.73%
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 Lenoir, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28645 | 0.56% | 0.71% | 0.73% | 0.77% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Lenoir, North Carolina
In Lenoir, 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 local 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 Lenoir, 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 Lenoir helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 28645, both at $1068.
Average Lenoir Assessed Value
$154,987
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 Lenoir, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28645 | $63,785 | $93,038 | $154,987 | $222,316 | $312,164 |
Source: Ownwell
Property Tax Bills Across Lenoir, North Carolina
In Lenoir, Burke County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county's tax assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $154,987, homeowners can expect varying tax bills depending on their property's assessed value and any applicable exemptions. Homeowners in Lenoir typically see property tax bills ranging from $695 at the 25th percentile to $2,120 at the 90th percentile. The median tax bill in the 28645 zip code stands at $1,068. This can be compared to the national median property tax rate of 0.99%, highlighting the importance of understanding local tax rates and assessments. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community.
Average Lenoir Tax Bill
$1,068
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 Lenoir, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28645 | $476 | $695 | $1,068 | $1,532 | $2,120 |
Source: Ownwell