Broadway, Lee County, North Carolina Property Taxes
The median property tax rate in Broadway, NC is 1.20%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Broadway at $195,000, the typical annual property tax bill reaches $2,174, slightly below the national median of $2,690. Property taxes in Broadway 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 Broadway'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 Broadway or another part of Lee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broadway, Lee County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,340
$2,171
Ownwell’s Broadway Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Broadway with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Broadway to estimate your property tax bill. This valuable tool helps you understand your 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 Broadway, Lee County, North Carolina
Property taxes in Broadway, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadway is 1.20%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Broadway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadway 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 Broadway's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27505 zip code has the highest median property tax rate of 1.20%, while the 27505 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Broadway provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broadway Tax Rate
1.20%
Average Lee County Tax Rate
0.85%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadway, Lee County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | 0.79% | 0.97% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Broadway, Lee County, North Carolina
In Broadway, 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 Lee 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 Broadway, 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. For instance, in Broadway, the median home price is $195,000, with tax bills ranging from $1,162 at the 25th percentile to $3,855 at the 90th percentile. The zip code 27505 has both the highest and lowest median tax bill at $2,174. By understanding 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.
Property Tax Assessment Values Across Broadway, Lee County, North Carolina
Source: Ownwell
$136,800
$165,900
$195,000
Average Broadway Assessed Value
$195,000
Average Lee County Assessed Value
$171,800
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broadway, Lee County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | $30,000 | $135,075 | $195,000 | $267,375 | $328,880 |
Source: Ownwell
Property Tax Bills Across Broadway, Lee County, North Carolina
In Broadway, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the county's property tax rate. For example, with a median home price of $195,000, homeowners can expect their tax bills to vary significantly across different percentiles. The 25th percentile tax bill is approximately $1,162, while the 75th percentile tax bill reaches around $2,962. At the 90th percentile, tax bills can be as high as $3,855. These property taxes fund essential local services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life in Broadway. Homeowners in the area should be aware that their property tax bill can significantly influence their annual budget. Comparing this to the national median property tax rate of 0.99%, Broadway’s tax rates can be considered relatively moderate, providing a balanced approach to funding community services while maintaining affordability for residents.
Average Broadway Tax Bill
$2,174
Average Lee County Tax Bill
$1,542
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadway, Lee County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27505 | $360 | $1,162 | $2,174 | $2,962 | $3,855 |
Source: Ownwell