Belmont, North Carolina Property Taxes
The median property tax rate in Belmont, NC is 1.64%, 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 Belmont at $195,410, the typical annual property tax bill reaches $3,272, exceeding the national median of $2,690. Property taxes in Belmont 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 Belmont'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 Belmont 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
Belmont, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$3,205
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, North Carolina
Property taxes in Belmont, 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 Belmont is 1.64%, significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28012 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these areas compare with Belmont provides valuable insights into the varying tax landscape across Gaston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.64%
Average Gaston County Tax Rate
1.65%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28012 | 1.03% | 1.25% | 1.64% | 1.79% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, North Carolina
In Belmont, 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 Gaston 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 Belmont, 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. For instance, the median home price in Belmont is $195,410, with tax bills ranging from $2,108 at the 25th percentile to $6,316 at the 90th percentile. The highest median tax bill is found in zip code 28012, amounting to $3,272. By understanding 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belmont Assessed Value
$195,410
Average Gaston County Assessed Value
$132,190
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28012 | $71,865 | $124,858 | $195,410 | $299,645 | $414,570 |
Source: Ownwell
Property Tax Bills Across Belmont, North Carolina
In Belmont, Gaston County, NC, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Homeowners in Belmont can expect their tax bill to vary significantly depending on their property's value. For instance, the tax bill at the 25th percentile is $2,108, while at the 75th percentile, it rises to $4,892. The 90th percentile sees tax bills as high as $6,316. Compared to the national median property tax rate of 0.99%, Belmont's property taxes can be quite substantial. The median home price in Belmont is $195,410, which means homeowners need to budget carefully for their annual tax obligations. The highest median tax bill recorded in the area is $3,272, specifically in the 28012 zip code. These taxes fund essential community services, such as schools, public safety, and infrastructure, directly affecting the quality of life for Belmont residents.
Average Belmont Tax Bill
$3,272
Average Gaston County Tax Bill
$2,130
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28012 | $1,243 | $2,108 | $3,272 | $4,892 | $6,316 |
Source: Ownwell