Hickory, North Carolina Property Taxes
The median property tax rate in Hickory, NC is 0.73%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Hickory at $210,300, the typical annual property tax bill amounts to $1,539, well below the national median of $2,690. Property taxes in Hickory are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hickory'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 Hickory 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
Hickory, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,535
$1,425
Ownwell’s Hickory Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hickory with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hickory to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Hickory, North Carolina
Property taxes in Hickory, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Hickory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory 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 Hickory's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28601 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Hickory 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 Hickory Tax Rate
0.73%
Average Caldwell County Tax Rate
0.75%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28601 | 0.72% | 0.73% | 0.73% | 0.73% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Hickory, North Carolina
In Hickory, 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 Caldwell 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 Hickory, 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 Hickory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28601 has the highest and lowest median tax bill at $1,539, compared to the national median property tax rate of 0.99%.
Average Hickory Assessed Value
$210,300
Average Caldwell County Assessed Value
$103,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28601 | $119,310 | $164,300 | $210,300 | $292,775 | $428,560 |
Source: Ownwell
Property Tax Bills Across Hickory, North Carolina
In Hickory, property tax bills are calculated based on the assessed value of a home, which is determined by the Caldwell County tax assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to calculate the annual tax bill. For reference, the national median property tax rate is 0.99%. Several factors influence the assessed value, including the property's location, size, and condition. In Hickory, the median home price is $210,300. Homeowners in the 25th percentile can expect a tax bill around $1,206, while those in the 75th percentile may see bills as high as $2,120. For the top 10% of properties, tax bills can reach up to $3,061. The highest and lowest median tax bills in Hickory are both $1,539, specifically in the 28601 zip code. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners' annual expenses accordingly.
Average Hickory Tax Bill
$1,539
Average Caldwell County Tax Bill
$744
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28601 | $840 | $1,206 | $1,539 | $2,120 | $3,061 |
Source: Ownwell