Lucama, Wilson County, North Carolina Property Taxes
The median property tax rate in Lucama, NC is 0.91%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $84,714, the typical annual property tax bill in Lucama amounts to $778, which is significantly lower than the national median of $2,690. Property taxes in Lucama are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lucama'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 Lucama 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
Lucama, Wilson County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$771
$715
Ownwell’s Lucama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lucama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lucama 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 Lucama, Wilson County, North Carolina
Property taxes in Lucama, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucama is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Lucama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucama 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 Lucama's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27851 has both the highest and the lowest median property tax rate of 0.91%. Understanding how these cities compare with Lucama 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 Lucama Tax Rate
0.91%
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 Lucama, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27851 | 0.51% | 0.86% | 0.91% | 0.96% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Lucama, Wilson County, North Carolina
In Lucama, 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. Assessment notices in Lucama 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 Lucama helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 27851, with a median tax bill of $778.
Property Tax Assessment Values Across Lucama, Wilson County, North Carolina
Source: Ownwell
$66,768
$107,800
$148,831
Average Lucama Assessed Value
$84,714
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 Lucama, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27851 | $30,918 | $57,192 | $84,714 | $126,039 | $189,258 |
Source: Ownwell
Property Tax Bills Across Lucama, Wilson County, North Carolina
Property tax bills in Lucama, part of Wilson County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by county assessors, who evaluate the property's market value. Once the market value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Lucama, the median home price is $84,714. Homeowners in this area can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $478, while the 75th percentile tax bill reaches approximately $1,110. Those in the 90th percentile might see tax bills as high as $1,575. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Lucama's tax rates can be seen as relatively moderate, making it an appealing option for those looking to manage their property tax expenses effectively.
Average Lucama Tax Bill
$778
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 Lucama, Wilson County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27851 | $241 | $478 | $778 | $1,110 | $1,575 |
Source: Ownwell