Norwood, North Carolina Property Taxes
The median property tax rate in Norwood, NC is 0.71%, 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 $131,764 in Norwood, the typical annual property tax bill amounts to $990, significantly below the national median of $2,690. Property taxes in Norwood are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Norwood'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 Norwood or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norwood, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$936
$868
Ownwell’s Norwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwood 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 Norwood, North Carolina
Property taxes in Norwood, 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 Norwood is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Norwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwood 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 Norwood's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28128 has the highest median property tax rate of 0.71%, while the same zip code also has the lowest median tax rate of 0.71%. Understanding how these areas compare with Norwood 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 Norwood Tax Rate
0.71%
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 Norwood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28128 | 0.31% | 0.71% | 0.71% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Norwood, North Carolina
In Norwood, 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 Norwood, 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 Norwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $990.00, found in the 28128 zip code.
Average Norwood Assessed Value
$131,764
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 Norwood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28128 | $41,657 | $72,627 | $131,764 | $258,053 | $400,636 |
Source: Ownwell
Property Tax Bills Across Norwood, North Carolina
In Norwood, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Stanly County tax assessor. The median home price in Norwood is $131,764. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For example, in Norwood, the median property tax bill is $990, matching the median for the 28128 zip code. Several factors influence the assessed value, including the home's market value, improvements, and comparable property sales in the area. Homeowners in Norwood can expect their tax bills to vary significantly, with the 25th percentile tax bill at $525 and the 75th percentile tax bill at $1,937. At the 90th percentile, tax bills can reach as high as $3,354. These variations can impact homeowners' financial planning, making it crucial to understand how property values and tax rates affect their annual obligations. Compared to the national median property tax rate of 0.99%, Norwood's rates provide a benchmark for evaluating local tax burdens.
Average Norwood Tax Bill
$990
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 Norwood, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28128 | $246 | $525 | $990 | $1,937 | $3,354 |
Source: Ownwell