Deep Run, Lenoir County, North Carolina Property Taxes
The median property tax rate in Deep Run, NC is 0.94%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Deep Run at $64,262, the typical annual property tax bill reaches $616, which is significantly below the national median of $2,690. Property taxes in Deep Run are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Deep Run'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 Deep Run 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
Deep Run, Lenoir County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$604
$561
Ownwell’s Deep Run Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Deep Run with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Deep Run to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Deep Run, Lenoir County, North Carolina
Property taxes in Deep Run, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deep Run is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Deep Run set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deep Run 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 Deep Run's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28525 zip code has the highest median property tax rate of 0.94%, while the same zip code also holds the lowest median tax rate of 0.94%. Understanding how these cities compare with Deep Run provides valuable insights into the varying tax landscape across Lenoir County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deep Run Tax Rate
0.94%
Average Lenoir County Tax Rate
1.07%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deep Run, Lenoir County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28525 | 0.76% | 0.90% | 0.94% | 1.04% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Deep Run, Lenoir County, North Carolina
In Deep Run, 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 Lenoir 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 Deep Run, 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 Deep Run 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 $616.00, found in the zip code 28525.
Property Tax Assessment Values Across Deep Run, Lenoir County, North Carolina
Source: Ownwell
$41,983
$72,309
$102,634
Average Deep Run Assessed Value
$64,262
Average Lenoir County Assessed Value
$66,089
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deep Run, Lenoir County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28525 | $15,652 | $35,808 | $64,262 | $113,321 | $168,074 |
Source: Ownwell
Property Tax Bills Across Deep Run, Lenoir County, North Carolina
In Deep Run, NC, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the county's tax rate to arrive at the annual tax bill. For instance, in Lenoir County, the median home price is $64,262. Property tax bills can vary significantly, with the 25th percentile bill at $369 and the 75th percentile at $1,013, indicating a range depending on property value and applicable exemptions. Several factors influence the tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. For homeowners, this means that properties with higher assessed values or fewer exemptions will have higher tax bills. The highest median tax bill in the area is $616, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Deep Run more affordable compared to other regions.
Average Deep Run Tax Bill
$616
Average Lenoir County Tax Bill
$738
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Deep Run, Lenoir County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28525 | $148 | $369 | $616 | $1,013 | $1,444 |
Source: Ownwell