Elm City, North Carolina Property Taxes
The median property tax rate in Elm City, NC is 0.88%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $88,662 in Elm City, the typical annual property tax bill is approximately $850, which is below the national median of $2,690. Property taxes in Elm City are based on the tax assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Elm City'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 Elm City or another part of Wilson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elm City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$780
Ownwell’s Elm City Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick way to estimate their annual property taxes in Elm City using just two key data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Elm City to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Wilson County, is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Elm City, North Carolina
Property taxes in Elm City, North Carolina, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm City is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Elm City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm City 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 Elm City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27822 in Wilson County has the same median property tax rate of 0.88%, highlighting a consistent tax landscape within the region. Understanding how these areas compare with Elm City provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm City Tax Rate
0.88%
Average Wilson County Tax Rate
1.30%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | 0.55% | 0.85% | 0.88% | 1.07% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Elm City, North Carolina
In Elm City, 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 Wilson 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 Elm City, 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 Elm City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elm City are both $850.00, found in the 27822 zip code.
Property Tax Assessment Values Across Elm City, North Carolina
Source: Ownwell
$66,768
$107,800
$148,831
Average Elm City Assessed Value
$88,662
Average Wilson County Assessed Value
$97,889
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | $37,007 | $65,538 | $88,662 | $128,463 | $198,981 |
Source: Ownwell
Property Tax Bills Across Elm City, North Carolina
In Elm City, located in Wilson County, NC, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $88,662. Homeowners can expect their tax bills to vary depending on their property's assessed value and the local tax rate. For example, the 25th percentile tax bill is $576, while the 75th percentile tax bill is $1,180. At the 90th percentile, tax bills can reach up to $1,766. The highest and lowest median tax bills in the area are both $850, indicating a consistent tax rate across different property values. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Elm City's tax rates are relatively moderate, making it an appealing location for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Elm City Tax Bill
$850
Average Wilson County Tax Bill
$1,033
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | $306 | $576 | $850 | $1,180 | $1,766 |
Source: Ownwell