Liberty, North Carolina Property Taxes
The median property tax rate in Liberty, NC is 0.82%, aligning with the state median but lower than the national median of 0.99%. With a median home value of $142,700 in Liberty, the typical annual property tax bill is around $1,163, which is below the national median of $2,690. Property taxes in Liberty are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Liberty'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 Liberty 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
Liberty, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,170
Ownwell’s Liberty Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Guilford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Liberty, North Carolina
Property taxes in Liberty, 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 Liberty is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27298 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Liberty 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 Liberty Tax Rate
0.82%
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | 0.81% | 0.81% | 0.82% | 0.82% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, North Carolina
In Liberty, 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 Liberty, 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 Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1163, found in the 27298 zip code.
Average Liberty Assessed Value
$142,700
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $37,400 | $76,800 | $142,700 | $223,150 | $286,820 |
Source: Ownwell
Property Tax Bills Across Liberty, North Carolina
In Liberty, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Guilford County tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Liberty is $142,700, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is approximately $625, while the 75th percentile tax bill reaches around $1,791. At the higher end, the 90th percentile tax bill is about $2,311. These tax bills play a crucial role in the financial planning of homeowners. Higher tax bills can impact monthly mortgage payments and overall housing affordability. However, Liberty's median tax bill is relatively moderate compared to the national median property tax rate of 0.99%. This means that while some homeowners might face higher bills, the overall tax burden in Liberty remains manageable for most residents.
Average Liberty Tax Bill
$1,163
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 Liberty, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27298 | $319 | $625 | $1,163 | $1,791 | $2,311 |
Source: Ownwell