Lattimore, North Carolina Property Taxes
The median property tax rate in Lattimore, NC is 1.07%, which is higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Lattimore at $90,727, the typical annual property tax bill reaches $849, below the national median of $2,690. Property taxes in Lattimore 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 Lattimore'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 Lattimore 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
Lattimore, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$971
$901
Ownwell’s Lattimore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lattimore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lattimore 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 Lattimore, North Carolina
Property taxes in Lattimore, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lattimore is 1.07%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Lattimore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lattimore 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 Lattimore's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28089 zip code has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Lattimore provides valuable insights into the varying tax landscape across Cleveland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lattimore Tax Rate
1.07%
Average Cleveland County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lattimore, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28089 | 0.70% | 0.90% | 1.07% | 1.12% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Lattimore, North Carolina
In Lattimore, 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 Cleveland 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 Lattimore, 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 Lattimore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both reported at $849.00, specifically in zip code 28089.
Property Tax Assessment Values Across Lattimore, North Carolina
Source: Ownwell
$55,703
$127,552
$199,401
Average Lattimore Assessed Value
$90,727
Average Cleveland County Assessed Value
$100,046
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lattimore, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28089 | $31,807 | $49,246 | $90,727 | $155,816 | $203,868 |
Source: Ownwell
Property Tax Bills Across Lattimore, North Carolina
In Lattimore, property tax bills are calculated based on the assessed value of a home, which is determined by the Cleveland County tax assessor. The assessed value is often a percentage of the market value, reflecting the property's worth. Homeowners in Lattimore experience varying tax bills; for instance, the 25th percentile tax bill is $492, while the 75th percentile tax bill reaches $1,438. At the 90th percentile, some homeowners pay up to $1,888 annually. These tax bills are influenced by several factors, including the property's location, size, and improvements. The local tax rate, which is applied to the assessed value, also plays a crucial role. Compared to the national median property tax rate of 0.99%, Lattimore's rates can be seen as moderate, providing a balanced approach for its residents. Higher property taxes can affect homeowners by increasing their monthly housing costs, but they also contribute to essential public services such as schools, infrastructure, and emergency services, enhancing the community's overall quality of life.
Average Lattimore Tax Bill
$849
Average Cleveland County Tax Bill
$887
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Lattimore, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28089 | $207 | $492 | $849 | $1,438 | $1,888 |
Source: Ownwell