New London, North Carolina Property Taxes
The median property tax rate in New London, NC is 0.60%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in New London, the typical annual property tax bill amounts to $1,701, which is notably below the national median of $2,690. Property taxes in New London are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of New London’s property tax system, exploring available exemptions, and identifying potential opportunities for reductions can lead to considerable annual savings. Whether you're residing in New London or investing in property there, familiarizing yourself with the local property tax system will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
New London, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$1,737
$1,612
Ownwell’s New London Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New London with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New London 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 New London, North Carolina
Property taxes in New London, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New London is 0.60%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within New London set these rates annually, and they can vary significantly across different neighborhoods. Each year, New London 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 New London's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28127 zip code has the highest median property tax rate of 0.60%, while the 28127 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with New London provides valuable insights into the varying tax landscape across Davidson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New London Tax Rate
0.60%
Average Davidson County Tax Rate
0.65%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | 0.59% | 0.59% | 0.60% | 0.60% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across New London, North Carolina
In New London, 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 Davidson 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 New London, 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 New London is $289,530, with tax bills ranging from $660 at the 25th percentile to $2,788 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New London, North Carolina
Source: Ownwell
$75,130
$182,330
$289,530
Average New London Assessed Value
$289,530
Average Davidson County Assessed Value
$147,820
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | $44,450 | $129,458 | $289,530 | $378,212 | $455,545 |
Source: Ownwell
Property Tax Bills Across New London, North Carolina
In New London, NC, property tax bills are calculated based on the assessed value of a property, which is determined by the Davidson County tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. Homeowners in New London face varying tax bills. For instance, the 25th percentile tax bill is $660, while the 75th percentile tax bill rises to $2,251, and the 90th percentile tax bill reaches $2,788. The median home price in the area is $289,530, and the highest median tax bill recorded is $1,701 in zip code 28127. Comparatively, the national median property tax rate is 0.99%, making New London's property tax rates competitive. These tax bills significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding how these taxes are calculated can help homeowners better manage their expenses.
Average New London Tax Bill
$1,701
Average Davidson County Tax Bill
$1,125
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across New London, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28127 | $249 | $660 | $1,701 | $2,251 | $2,788 |
Source: Ownwell