Elkin, North Carolina Property Taxes
The median property tax rate in Elkin, NC is 0.55%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Elkin, the typical annual property tax bill amounts to $553, well below the national median of $2,690. Property taxes in Elkin 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 Elkin'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 Elkin or another part of Surry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$657
Ownwell’s Elkin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkin 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 Elkin, North Carolina
Property taxes in Elkin, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkin is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Elkin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkin 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 Elkin's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28621 has both the highest and lowest median property tax rates of 0.55%. Understanding how these areas compare with Elkin provides valuable insights into the varying tax landscape across Surry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkin Tax Rate
0.55%
Average Surry County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | 0.17% | 0.55% | 0.55% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Elkin, North Carolina
In Elkin, 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 Surry 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 Elkin, 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 Elkin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28621 has both the highest and lowest median tax bill, amounting to $553.
Average Elkin Assessed Value
$119,420
Average Surry County Assessed Value
$114,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | $56,288 | $79,500 | $119,420 | $174,880 | $257,264 |
Source: Ownwell
Property Tax Bills Across Elkin, North Carolina
Property tax bills in Elkin, located in Surry County, NC, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Elkin, the median home price is $119,420. The property tax bill can vary significantly, with the 25th percentile paying around $336 and the 75th percentile paying approximately $855. At the 90th percentile, homeowners might see a tax bill as high as $1,270. The highest and lowest median tax bill in the city both stand at $553, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Elkin compared to other regions.
Average Elkin Tax Bill
$553
Average Surry County Tax Bill
$544
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28621 | $159 | $336 | $553 | $855 | $1,270 |
Source: Ownwell