Harmony, North Carolina Property Taxes
The median property tax rate in Harmony, NC is 0.63%, which is significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value in Harmony of $118,825, the typical annual property tax bill comes to $694, well below the national median of $2,690. Property taxes in Harmony are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Harmony'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 Harmony 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
Harmony, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$749
Ownwell’s Harmony Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmony 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 Harmony, North Carolina
Property taxes in Harmony, 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 Harmony is 0.63%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmony 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 Harmony's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 28634 zip code in Harmony has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Harmony provides valuable insights into the varying tax landscape across Iredell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harmony Tax Rate
0.63%
Average Iredell County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | 0.37% | 0.60% | 0.63% | 0.70% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Harmony, North Carolina
In Harmony, 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 Iredell 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 Harmony 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 Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $694 in the 28634 zip code, while the lowest median tax bill is also $694 in the same zip code.
Property Tax Assessment Values Across Harmony, North Carolina
Source: Ownwell
$118,825
$462,923
$807,020
Average Harmony Assessed Value
$118,825
Average Iredell County Assessed Value
$268,560
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | $25,192 | $57,718 | $118,825 | $212,725 | $346,215 |
Source: Ownwell
Property Tax Bills Across Harmony, North Carolina
In Harmony, located in Iredell County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the market value of the property. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $118,825, homeowners can expect their tax bills to vary significantly. The 25th percentile of tax bills is around $351, which is relatively low compared to the national median property tax rate of 0.99%. On the higher end, the 75th percentile reaches up to $1,171, and the 90th percentile can go as high as $1,796. These variations depend on factors such as property location, size, and any applicable exemptions. Homeowners in Harmony should be aware of these factors to better understand and potentially manage their property tax obligations.
Average Harmony Tax Bill
$694
Average Iredell County Tax Bill
$2,001
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmony, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28634 | $188 | $351 | $694 | $1,171 | $1,796 |
Source: Ownwell