Elon, North Carolina Property Taxes
The median property tax rate in Elon, NC is 0.87%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Elon at $141,000, the typical annual property tax bill is $1,144, which is below the national median of $2,690. Property taxes in Elon are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elon'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 Elon 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
Elon, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,227
$1,138
Ownwell’s Elon Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Elon. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Elon to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more granular insights, additional localized information is available further down the page. The assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Elon, North Carolina
Property taxes in Elon, North Carolina, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Elon is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Elon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elon 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 Elon's effective property tax rate to other areas in Guilford County and the national median. For comparison, the zip code 27244 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Elon provides valuable insights into the varying tax landscape across Guilford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elon Tax Rate
0.87%
Average Guilford County Tax Rate
1.35%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | 0.82% | 0.87% | 0.87% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Elon, North Carolina
In Elon, 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 Guilford 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 Elon, 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 Elon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elon is $141,000, and the median property tax bill ranges from $730 at the 25th percentile to $1,758 at the 75th percentile. The zip code with the highest and lowest median tax bill is 27244, with a median tax bill of $1,144.
Average Elon Assessed Value
$141,000
Average Guilford County Assessed Value
$164,700
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $51,470 | $84,375 | $141,000 | $206,650 | $341,010 |
Source: Ownwell
Property Tax Bills Across Elon, North Carolina
In Elon, property tax bills are calculated based on the assessed value of a home, which is determined by Guilford County tax assessors. The assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For example, with a median home price of $141,000, homeowners can expect varying tax bills depending on the assessed value and specific circumstances of their property. Factors such as property size, location, and any applicable exemptions can significantly influence the final tax bill. For instance, the 25th percentile tax bill is around $730, while the 75th percentile tax bill reaches up to $1,758. At the higher end, the 90th percentile tax bill can be as much as $2,902. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Homeowners in Elon should be aware of how these calculations affect their annual financial obligations, especially when compared to the national median property tax rate of 0.99%.
Average Elon Tax Bill
$1,144
Average Guilford County Tax Bill
$1,922
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elon, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27244 | $423 | $730 | $1,144 | $1,758 | $2,902 |
Source: Ownwell