Terrell, North Carolina Property Taxes
The median property tax rate in Terrell, NC is 0.75%, 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 Terrell at $317,300, the typical annual property tax bill amounts to $2,375, falling below the national median of $2,690. Property taxes in Terrell are calculated based on the tax assessed value, which often remains below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Terrell'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 Terrell 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
Terrell, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$2,380
$2,208
Ownwell’s Terrell Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Terrell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terrell 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 Terrell, North Carolina
Property taxes in Terrell, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terrell is 0.75%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Terrell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terrell 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 Terrell's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28682 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Terrell 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 Terrell Tax Rate
0.75%
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 Terrell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28682 | 0.48% | 0.58% | 0.75% | 0.83% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Terrell, North Carolina
In Terrell, 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 Terrell, 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 Terrell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Terrell are both $2,375, found in zip code 28682.
Average Terrell Assessed Value
$317,300
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 Terrell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28682 | $96,670 | $207,025 | $317,300 | $576,400 | $776,190 |
Source: Ownwell
Property Tax Bills Across Terrell, North Carolina
In Terrell, located in Catawba County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For instance, with a median home price of $317,300, homeowners can expect varying tax bills depending on specific factors such as exemptions and the precise assessed value. The tax bills in Terrell range significantly, with the 25th percentile at $1,420 and the 75th percentile reaching $4,618. The 90th percentile tax bill can go as high as $6,275. This variability highlights how different factors, such as property improvements or location within the city, can impact the final amount. Homeowners in the 28682 zip code, for example, experience a median tax bill of $2,375. Understanding these factors is crucial for homeowners as property taxes represent a significant annual expense and can influence decisions about buying or selling property.
Average Terrell Tax Bill
$2,375
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 Terrell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28682 | $952 | $1,420 | $2,375 | $4,618 | $6,275 |
Source: Ownwell