King, North Carolina Property Taxes
The median property tax rate in King, NC is 1.15%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in King at $137,800, the typical annual property tax bill reaches $1,571, exceeding the national median of $2,690. Property taxes in King are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding King’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 King 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
King, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,585
$1,471
Ownwell’s King Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in King with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in King 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 King, North Carolina
Property taxes in King, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in King is 1.15%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within King set these rates annually, and they can vary significantly across different neighborhoods. Each year, King 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 King's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27021 zip code has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with King provides valuable insights into the varying tax landscape across Forsyth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average King Tax Rate
1.15%
Average Forsyth County Tax Rate
1.31%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across King, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27021 | 0.77% | 1.15% | 1.15% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across King, North Carolina
In King, 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 Forsyth 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 King, 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 King helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27021 has the highest and lowest median tax bill, both at $1,571.
Average King Assessed Value
$137,800
Average Forsyth County Assessed Value
$158,600
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across King, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27021 | $113,190 | $123,450 | $137,800 | $152,825 | $203,170 |
Source: Ownwell
Property Tax Bills Across King, North Carolina
In King, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Homeowners in King face a median property tax bill of $1,571, with the 25th percentile tax bill at $1,396 and the 75th percentile at $1,735. For those in the 90th percentile, the tax bill can reach up to $2,236. Factors that influence the assessed value include the property's market value, location, and any improvements or renovations. These tax bills have a significant impact on homeowners, as they contribute to the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, the property taxes in King can be considered relatively moderate, providing a balanced environment for homeowners while supporting local services and infrastructure.
Average King Tax Bill
$1,571
Average Forsyth County Tax Bill
$1,755
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across King, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27021 | $710 | $1,396 | $1,571 | $1,735 | $2,236 |
Source: Ownwell