Lowell, North Carolina Property Taxes
The median property tax rate in Lowell, NC is 2.04%, 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 Lowell, the typical annual property tax bill reaches $2,638, closely approaching the national median of $2,690. Property taxes in Lowell 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 Lowell'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 Lowell 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
Lowell, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$2,488
$2,309
Ownwell’s Lowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, North Carolina
Property taxes in Lowell, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 2.04%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other areas and the national median. For comparison, the 28098 zip code has the highest median property tax rate of 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these cities compare with Lowell 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 Lowell Tax Rate
2.04%
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 Lowell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28098 | 1.25% | 1.79% | 2.04% | 2.33% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lowell, North Carolina. 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Lowell are both $2,638, found in the zip code 28098.
Average Lowell Assessed Value
$121,960
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 Lowell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28098 | $49,678 | $78,990 | $121,960 | $175,400 | $221,160 |
Source: Ownwell
Property Tax Bills Across Lowell, North Carolina
In Lowell, located in Gaston County, NC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Lowell, the median home price is $121,960. Property tax bills can vary considerably, with the 25th percentile tax bill at $1,580 and the 75th percentile tax bill reaching $3,501. Those in the 90th percentile can expect a tax bill of around $4,239. The highest median tax bill recorded in the area is $2,638, which is significantly above the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual housing costs and potentially affecting their ability to invest in property improvements or other financial goals. Understanding how these taxes are calculated helps homeowners plan and budget more effectively.
Average Lowell Tax Bill
$2,638
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 Lowell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28098 | $914 | $1,580 | $2,638 | $3,501 | $4,239 |
Source: Ownwell