Olin, North Carolina Property Taxes
The median property tax rate in Olin, NC is 0.62%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Olin at $182,005, the typical annual property tax bill amounts to $998, which is well below the national median of $2,690. Property taxes in Olin 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 Olin'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 Olin 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
Olin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,128
$1,047
Ownwell’s Olin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olin 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 Olin, North Carolina
Property taxes in Olin, 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 Olin is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Olin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olin 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 Olin's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28660 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these areas compare with Olin 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 Olin Tax Rate
0.62%
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 Olin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28660 | 0.34% | 0.59% | 0.62% | 0.64% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Olin, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Olin, 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 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. In Olin, 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 Olin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Among the zip codes, 28660 has both the highest and lowest median tax bill at $998.
Average Olin Assessed Value
$182,005
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 Olin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28660 | $38,780 | $93,945 | $182,005 | $287,410 | $452,079 |
Source: Ownwell
Property Tax Bills Across Olin, North Carolina
In Olin, NC, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by the Iredell County tax assessor's office and is typically a percentage of the market value. For homeowners in Olin, the median home price is $182,005. Property tax rates are applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions or deductions. In Olin, the 25th percentile tax bill is $536, while the 75th percentile tax bill is $1,566. At the 90th percentile, homeowners may see tax bills as high as $2,144. These figures highlight the range of property tax burdens within the community. Understanding these factors helps homeowners budget effectively and plan for potential increases in their property tax obligations. Comparing these figures to the national median property tax rate of 0.99% provides additional context for assessing local tax burdens.
Average Olin Tax Bill
$998
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 Olin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28660 | $245 | $536 | $998 | $1,566 | $2,144 |
Source: Ownwell