Albemarle, North Carolina Property Taxes
The median property tax rate in Albemarle, NC is 1.22%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Albemarle, the typical annual property tax bill reaches $1,045, which is below the national median of $2,690. Property taxes in Albemarle are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albemarle'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 Albemarle 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
Albemarle, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,424
$1,321
Ownwell’s Albemarle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albemarle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albemarle 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 Albemarle, North Carolina
Property taxes in Albemarle, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albemarle is 1.22%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Albemarle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albemarle 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 Albemarle's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28001 zip code has the highest median property tax rate of 1.22%, while the 28001 zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Albemarle provides valuable insights into the varying tax landscape across Stanly County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albemarle Tax Rate
1.22%
Average Stanly County Tax Rate
0.76%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albemarle, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28001 | 0.38% | 0.71% | 1.22% | 1.22% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Albemarle, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Albemarle, North Carolina. 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 Stanly 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 Albemarle, 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 Albemarle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28001 has the highest and lowest median tax bill, both at $1,045, reflecting the median home price of $116,708.
Property Tax Assessment Values Across Albemarle, North Carolina
Source: Ownwell
$56,852
$134,651
$212,449
Average Albemarle Assessed Value
$116,708
Average Stanly County Assessed Value
$133,890
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albemarle, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28001 | $43,379 | $70,624 | $116,708 | $178,716 | $261,823 |
Source: Ownwell
Property Tax Bills Across Albemarle, North Carolina
In Albemarle, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Stanly County tax assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Various factors influence this tax bill, including property improvements, neighborhood developments, and market trends. For example, the median home price in Albemarle is $116,708. Homeowners typically see a tax bill ranging from $588 at the 25th percentile to $1,702 at the 75th percentile, with the 90th percentile reaching up to $2,568. This range illustrates how different property values and local tax rates can impact homeowners. Compared to the national median property tax rate of 0.99%, Albemarle's property taxes can be relatively moderate, making it a potentially attractive area for homeownership. However, individual circumstances and property characteristics can significantly affect the final tax bill.
Average Albemarle Tax Bill
$1,045
Average Stanly County Tax Bill
$1,079
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Albemarle, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28001 | $296 | $588 | $1,045 | $1,702 | $2,568 |
Source: Ownwell