Locust, North Carolina Property Taxes
The median property tax rate in Locust, NC is 1.09%, which is notably higher than the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Locust at $212,449, the typical annual property tax bill reaches $1,845, falling short of the national median of $2,690. Property taxes in Locust are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Locust'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 Locust 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
Locust, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,316
Ownwell’s Locust Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Locust with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust 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 Locust, North Carolina
Property taxes in Locust, 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 Locust is 1.09%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Locust set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust 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 Locust's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28097 zip code has the highest median property tax rate of 1.09%, while the same 28097 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Locust 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 Locust Tax Rate
1.09%
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 Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | 0.30% | 0.72% | 1.09% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Locust, North Carolina
In Locust, 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 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 Locust, 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. The median home price in Locust is $212,449, with tax bills ranging from $976 at the 25th percentile to $3,270 at the 90th percentile. The highest and lowest median tax bill is $1,845, found in the 28097 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Locust Assessed Value
$212,449
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 Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | $93,826 | $138,721 | $212,449 | $262,432 | $317,603 |
Source: Ownwell
Property Tax Bills Across Locust, North Carolina
In Locust, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Stanly County tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $212,449, homeowners can expect varying tax bills depending on their home's assessed value and the applicable tax rate. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The 25th percentile tax bill in Locust is $976, while the 75th percentile reaches $2,664, and the 90th percentile can go up to $3,270. The highest and lowest median tax bills in the area both stand at $1,845, highlighting some uniformity in tax assessments within specific zip codes. These property taxes directly impact homeowners by influencing their overall housing costs. Higher tax bills can affect affordability, while lower tax rates can make homeownership more accessible. Understanding these factors helps homeowners budget effectively and plan for future expenses.
Average Locust Tax Bill
$1,845
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 Locust, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28097 | $459 | $976 | $1,845 | $2,664 | $3,270 |
Source: Ownwell