Biscoe, North Carolina Property Taxes
The median property tax rate in Biscoe, NC is 0.62%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $66,751 in Biscoe, the typical annual property tax bill is $545, well below the national median of $2,690. Property taxes in Biscoe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Biscoe'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 Biscoe or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Biscoe, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$414
$384
Ownwell’s Biscoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Biscoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Biscoe 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 Biscoe, North Carolina
Property taxes in Biscoe, 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 Biscoe is 0.62%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Biscoe set these rates annually, and they can vary across different neighborhoods. Each year, Biscoe 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 Biscoe's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27209 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 Biscoe provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Biscoe Tax Rate
0.62%
Average Montgomery County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Biscoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27209 | 0.61% | 0.61% | 0.62% | 1.17% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Biscoe, North Carolina
In Biscoe, 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 Montgomery 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 Biscoe, 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 Biscoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $66,751, with median tax bills ranging from $269 at the 25th percentile to $1,542 at the 90th percentile. The zip code 27209 has both the highest and lowest median tax bills at $545.
Average Biscoe Assessed Value
$66,751
Average Montgomery County Assessed Value
$75,538
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Biscoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27209 | $13,680 | $36,864 | $66,751 | $108,888 | $168,567 |
Source: Ownwell
Property Tax Bills Across Biscoe, North Carolina
In Biscoe, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is typically a percentage of the market value of the property. Homeowners in Biscoe, located in Montgomery County, may find their tax bills influenced by various factors, including property size, location, and local tax rates. For a median home price of $66,751, the property tax bill can vary significantly. At the 25th percentile, homeowners might pay around $269, while those at the 75th percentile could see bills as high as $925. The top 10% of homeowners might face tax bills up to $1,542. Compared to the national median property tax rate of 0.99%, Biscoe's property tax bills reflect the region's unique economic conditions. These taxes are crucial for funding local services and infrastructure, directly impacting the quality of life for residents.
Average Biscoe Tax Bill
$545
Average Montgomery County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Biscoe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27209 | $116 | $269 | $545 | $925 | $1,542 |
Source: Ownwell