Penrose, North Carolina Property Taxes
The median property tax rate in Penrose, NC is 0.47%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Penrose, the typical annual property tax bill reaches $867, significantly below the national median of $2,690. Property taxes in Penrose 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 Penrose'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 Penrose or another part of Henderson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Penrose, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$977
Ownwell’s Penrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Penrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Penrose 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 Penrose, North Carolina
Property taxes in Penrose, North Carolina, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Penrose is 0.47%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Penrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Penrose 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 Penrose's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28766 has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Penrose provides valuable insights into the varying tax landscape across Henderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Penrose Tax Rate
0.47%
Average Henderson County Tax Rate
0.44%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Penrose, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28766 | 0.25% | 0.42% | 0.47% | 0.49% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Penrose, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Penrose, NC. 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 Henderson 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. Assessment notices in Penrose 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, homeowners in the 28766 zip code have the highest and lowest median tax bill at $867. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Penrose Assessed Value
$207,900
Average Henderson County Assessed Value
$308,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Penrose, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28766 | $84,800 | $137,400 | $207,900 | $312,100 | $428,200 |
Source: Ownwell
Property Tax Bills Across Penrose, North Carolina
In Penrose, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Henderson County. The assessed value is determined by county assessors who evaluate the property's market value. Homeowners in Penrose can expect their tax bills to vary significantly depending on their property's assessed value. For example, the median home price in Penrose is $207,900, and property tax bills range from $538 at the 25th percentile to $1,900 at the 90th percentile. The highest and lowest median tax bills in the area are both $867, indicating consistency in tax assessments within certain neighborhoods. Compared to the national median property tax rate of 0.99%, Penrose homeowners may find their tax rates to be on par or slightly higher, depending on specific property assessments. These factors collectively impact how much homeowners pay annually, influencing their overall housing costs and potential resale value.
Average Penrose Tax Bill
$867
Average Henderson County Tax Bill
$1,336
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Penrose, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28766 | $327 | $538 | $867 | $1,228 | $1,900 |
Source: Ownwell