Iron Station, North Carolina Property Taxes
The median property tax rate in Iron Station, 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 the median home value in Iron Station at $347,056, the typical annual property tax bill amounts to $2,319, which is below the national median of $2,690. Property taxes in Iron Station are based on the assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Iron Station'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 Iron Station or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iron Station, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$2,186
Ownwell’s Iron Station Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iron Station with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iron Station 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 Iron Station, North Carolina
Property taxes in Iron Station, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron Station is 0.63%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Iron Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron Station 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 Iron Station's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28080 has the highest median property tax rate of 0.63%, while the lowest median tax rate is also found in the same zip code at 0.63%. Understanding how these cities compare with Iron Station provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iron Station Tax Rate
0.63%
Average Lincoln County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | 0.61% | 0.62% | 0.63% | 0.66% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Iron Station, North Carolina
In Iron Station, 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 Lincoln 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 Iron Station, 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. For instance, the zip code with the highest median tax bill is 28080, amounting to $2,319, while the same zip code also has the lowest median tax bill at $2,319. Being aware of these valuation processes in Iron Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Iron Station, North Carolina
Source: Ownwell
$189,260
$444,186
$699,111
Average Iron Station Assessed Value
$347,056
Average Lincoln County Assessed Value
$293,422
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | $42,147 | $173,980 | $347,056 | $502,214 | $716,214 |
Source: Ownwell
Property Tax Bills Across Iron Station, North Carolina
In Iron Station, Lincoln County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area is $347,056. To determine the tax bill, the assessed value of the property is multiplied by the local tax rate. Various factors influence the final tax bill, including property size, location, and improvements made to the property. For homeowners, this means that the tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,290, while the 75th percentile tax bill is $3,146, and the 90th percentile tax bill reaches $4,379. These figures highlight the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Iron Station's property tax bills can be relatively high, impacting household budgets and overall affordability. Homeowners need to consider these taxes when purchasing property in this region.
Average Iron Station Tax Bill
$2,319
Average Lincoln County Tax Bill
$2,128
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron Station, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28080 | $562 | $1,290 | $2,319 | $3,146 | $4,379 |
Source: Ownwell