Newton, North Carolina Property Taxes
The median property tax rate in Newton, NC is 0.83%, slightly higher than the state median of 0.82% but still below the national median of 0.99%. With a median home value of $185,800 in Newton, the typical annual property tax bill is $1,268, which is lower than the national median of $2,690. Property taxes in Newton are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Newton'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 Newton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$1,542
$1,431
Ownwell’s Newton Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick way to estimate their annual property taxes in Newton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newton to provide an accurate estimate of your property tax bill. This powerful tool helps you understand potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is the value determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Newton, North Carolina
Property taxes in Newton, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Newton is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Newton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newton 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 Newton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28658 zip code has the highest median property tax rate of 0.83%, while the 28658 zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Newton provides valuable insights into the varying tax landscape across Catawba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newton Tax Rate
0.83%
Average Catawba County Tax Rate
0.80%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28658 | 0.47% | 0.50% | 0.83% | 0.85% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Newton, North Carolina
In Newton, 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 Catawba 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 Newton, 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. The median home price in Newton is $185,800, with tax bills ranging from $850 at the 25th percentile to $2,557 at the 90th percentile. The zip code 28658 has the highest and lowest median tax bill at $1,268. Being aware of these valuation processes in Newton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Newton Assessed Value
$185,800
Average Catawba County Assessed Value
$180,000
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28658 | $49,910 | $121,225 | $185,800 | $259,175 | $371,680 |
Source: Ownwell
Property Tax Bills Across Newton, North Carolina
In Newton, NC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county's property assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For instance, in Newton, the median home price is $185,800. Property tax bills in the 25th percentile are around $850, while those in the 75th percentile reach approximately $1,806. At the 90th percentile, the tax bill can be as high as $2,557. These tax bills impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Newton's property tax rates can vary significantly, affecting the affordability and financial planning for homeowners. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Newton Tax Bill
$1,268
Average Catawba County Tax Bill
$1,310
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Newton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28658 | $357 | $850 | $1,268 | $1,806 | $2,557 |
Source: Ownwell