Waco, North Carolina Property Taxes
The median property tax rate in Waco, NC is 1.03%, slightly higher than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in Waco at $60,656, the typical annual property tax bill amounts to $562, which is significantly lower than the national median of $2,690. Property taxes in Waco are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Waco'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 Waco or another part of Cleveland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waco, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$625
Ownwell’s Waco Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco to project your property tax bill. This valuable tool offers a clear picture of your potential tax obligations. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Waco, North Carolina
Property taxes in Waco, 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 Waco is 1.03%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28169 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Waco 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 Waco Tax Rate
1.03%
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 Waco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28169 | 0.53% | 0.89% | 1.03% | 1.08% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Waco, North Carolina
In Waco, 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 Waco, 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 Waco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Waco is $562 in the 28169 zip code, which is also the lowest median tax bill in the area.
Average Waco Assessed Value
$60,656
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 Waco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28169 | $10,475 | $31,898 | $60,656 | $95,852 | $150,410 |
Source: Ownwell
Property Tax Bills Across Waco, North Carolina
In Waco, located in Cleveland County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county and reflects the estimated market value of the property. Homeowners in Waco face varying property tax bills depending on their property's assessed value and the local tax rate. The median home price in Waco is $60,656. For homeowners in the 25th percentile, the tax bill is approximately $304, while those in the 75th percentile pay around $874. At the 90th percentile, the tax bill can reach up to $1,232. These figures indicate a range of property tax burdens, with the highest median tax bill in the area being $562, found in the 28169 zip code. Compared to the national median property tax rate of 0.99%, Waco's property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Waco Tax Bill
$562
Average Cleveland County Tax Bill
$887
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28169 | $96 | $304 | $562 | $874 | $1,232 |
Source: Ownwell