Ellerbe, North Carolina Property Taxes
The median property tax rate in Ellerbe, NC is 0.80%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $132,762, the typical annual property tax bill in Ellerbe reaches $1,065, significantly below the national median of $2,690. Property taxes in Ellerbe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ellerbe'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 Ellerbe or another part of Montgomery County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ellerbe, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,062
$986
Ownwell’s Ellerbe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ellerbe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ellerbe 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 Ellerbe, North Carolina
Property taxes in Ellerbe, 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 Ellerbe is 0.80%, which is below the U.S. national median of 0.99%. Local government entities within Ellerbe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellerbe 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 Ellerbe's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28338 zip code has both the highest and lowest median property tax rate in the area, standing at 0.80%. Understanding how these cities compare with Ellerbe provides valuable insights into the varying tax landscape across Richmond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ellerbe Tax Rate
0.80%
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 Ellerbe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28338 | 0.65% | 0.71% | 0.80% | 0.90% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Ellerbe, North Carolina
In Ellerbe, 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 Ellerbe, 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 Ellerbe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 28338 zip code, the median tax bill is $10,651. By being proactive, homeowners can potentially reduce their tax liabilities and make informed financial decisions.
Average Ellerbe Assessed Value
$132,762
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 Ellerbe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28338 | $74,364 | $96,263 | $132,762 | $1,121,940 | $1,715,447 |
Source: Ownwell
Property Tax Bills Across Ellerbe, North Carolina
Property tax bills in Ellerbe, located in Montgomery County, NC, are determined by several key factors. The primary element is the assessed value of a property, which is calculated by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Ellerbe, the median home price is $132,762, and property tax bills vary significantly across different percentiles. For instance, the 25th percentile tax bill is $5,509, while the 75th percentile tax bill reaches $15,793. Homeowners in the 90th percentile can expect to pay up to $18,878 in property taxes. The national median property tax rate is 0.99%, providing a useful benchmark for comparison. This variability in tax bills means that homeowners in Ellerbe need to be aware of how their property's assessed value and the local tax rate will impact their annual financial obligations. Understanding these factors can help homeowners plan better and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Ellerbe Tax Bill
$10,651
Average Montgomery County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellerbe, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28338 | $2,424 | $5,509 | $10,651 | $15,793 | $18,878 |
Source: Ownwell