Troy, North Carolina Property Taxes
The median property tax rate in Troy, NC is 0.62%, notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Troy at $80,893, the typical annual property tax bill amounts to $479, significantly below the national median of $2,690. Property taxes in Troy are determined based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Troy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Troy or another part of Montgomery County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troy, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$502
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, North Carolina
Property taxes in Troy, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 0.62%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27371 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Troy 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 Troy 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 Troy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27371 | 0.61% | 0.61% | 0.62% | 0.62% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Troy, North Carolina
In Troy, 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Troy is $80,893, with the 25th percentile tax bill at $253 and the 75th percentile tax bill at $869. The highest and lowest median tax bills are both $479 in the zip code 27371.
Average Troy Assessed Value
$80,893
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 Troy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27371 | $16,816 | $43,764 | $80,893 | $145,001 | $240,583 |
Source: Ownwell
Property Tax Bills Across Troy, North Carolina
In Troy, Montgomery County, NC, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by county assessors who evaluate the market value of your property. The tax rate is then applied to this assessed value to determine your annual property tax bill. For instance, with a median home price of $80,893, homeowners can expect varying tax bills depending on their property's assessed value. The tax bill at the 25th percentile is approximately $253, while at the 75th percentile, it rises to around $869. For those at the 90th percentile, the tax bill can be as high as $1,437. This range illustrates the impact of property values on tax obligations. Compared to the national median property tax rate of 0.99%, Troy's tax rates offer a diverse spectrum of financial responsibilities for homeowners, affecting their annual budgeting and financial planning.
Average Troy Tax Bill
$479
Average Montgomery County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27371 | $84 | $253 | $479 | $869 | $1,437 |
Source: Ownwell