Example of Burke County Property Tax Calculation
In Burke County, property taxes are determined by multiplying the assessed value of a property by the current tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1%, then the property taxes would be $1,000 per year.
To calculate the assessed value of a property, the county tax assessor will typically use the market value of the property and apply a percentage based on the property's classification. For example, residential properties may be assessed at 80% of market value, while commercial properties may be assessed at 90% of market value.
Once the assessed value is determined, the current tax rate is applied to calculate the property taxes owed. The tax rate can vary based on a number of factors, including the county budget and any voter-approved levies.
It's important to note that property taxes are generally paid in two installments each year, with the first payment due by January 5th and the second payment due by July 5th. Failure to pay property taxes on time can result in penalties and interest charges.
Overall, understanding how property taxes are calculated in Burke County can help property owners budget for their tax obligations and ensure they stay compliant with local tax laws.
If you want appeal your property tax assessment - contact your local tax assessor.
Burke County Property Tax Rates
The table below outlines the property tax rates for Burke County:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County | $0.61 |
| City of Morganton | $0.55 |
| City of Glen Alpine | $0.58 |
| Town of Drexel | $0.54 |
| Town of Rutherford College | $0.55 |
It's important to note that these rates are subject to change and may vary depending on the specific property's location and characteristics. Taxpayers in Burke County should consult with a licensed tax professional for personalized advice and guidance regarding their property taxes.
Who sets property tax rates in Burke County ?
Who sets property tax rates in Burke County?
The Burke County Board of Commissioners is responsible for setting property tax rates in Burke County. They are a group of elected officials who make decisions on behalf of the community.
When are property tax rates set in Burke County?
Property tax rates in Burke County are typically set in late June or early July. The tax rates for the fiscal year are based on the county's budget and the amount of revenue needed to support county services and programs.
How are property tax rates determined in Burke County?
The Burke County Board of Commissioners looks at several factors when determining property tax rates, including:
- The county's budget
- The cost of providing county services, such as schools, public safety, and road maintenance
- The assessed value of properties in the county
- The tax rate needed to generate enough revenue to support county services and programs
Once these factors are taken into consideration, the Board of Commissioners sets a tax rate that will be applied to all properties in Burke County. Property owners will then receive a tax bill based on the assessed value of their property and the county's tax rate.
Summary:
- The Burke County Board of Commissioners sets property tax rates in Burke County.
- Property tax rates are typically set in late June or early July.
- Property tax rates are determined based on the county's budget, the cost of providing county services, the assessed value of properties, and the tax rate needed to generate enough revenue to support county services and programs.
Homestead exemptions in Burke County ?
To help homeowners in Burke County, North Carolina maximize their tax savings, the local government offers several Homestead exemptions and deductions. The following table lists all the county-specific exemptions and deductions along with their eligibility criteria, exemption amount, and important notes to keep in mind.
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled Exclusion | Must be at least 65 years old or totally and permanently disabled | Up to $25,000 of the appraised value of the property | Must apply the year prior to tax year |
| Disabled Veteran Exclusion | Must be a North Carolina resident and honorably discharged from the US Armed Forces | Up to $45,000 of the appraised value of the property | Must apply prior to January 31 |
| Circuit Breaker Tax Deferment | Must be at least 65 years old, have resided in the same property for at least five years, and have a combined income of $30,200 or less | Defers property tax payments until the property is sold or the homeowner no longer meets eligibility requirements | Interest accrues at an annual rate of 5% |
| Disabled Veteran Homestead Exclusion | Must be a North Carolina resident, honorably discharged from the US Armed Forces, and totally and permanently disabled | Up to $45,000 of the appraised value of the property | Must apply prior to January 31 |
| Elderly or Disabled Homestead Exclusion | Must be at least 65 years old or totally and permanently disabled | Up to $25,000 of the appraised value of the property | Must apply the year prior to tax year |
| Disabled Veteran Elderly or Disabled Homestead Exclusion | Must meet eligibility criteria for both the Disabled Veteran and Elderly or Disabled Homestead Exclusions | Up to $70,000 of the appraised value of the property | Must apply prior to January 31 |
It's important for homeowners to note that they must apply for these exemptions and deductions in order to receive them. Applications can typically be found on the county government's website or through the county tax office. Additionally, some exemptions and deductions have annual deadlines for application, so it's important to stay up-to-date on the requirements and deadlines. With these helpful Homestead exemptions and deductions, Burke County residents can potentially save significant money on their property taxes each year.
When is Burke County Property Tax due ?
According to the Burke County Tax Assessor's website, the property tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay their taxes without incurring any interest fees.
There are several ways to pay Burke County property taxes. Taxpayers can choose to pay online through the county's website using a credit card, debit card, or e-check. They can also choose to pay by mail with a check or money order, or in-person at the Burke County Tax Commissioner's office with cash, check, or money order.
It's important to note that if a taxpayer fails to pay their property taxes by the January 5th deadline, they will incur interest, penalties, and possibly even a tax lien on their property. Thus, it's crucial to make sure that property taxes are paid on time to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Burke County Property Tax penalty calculated ?
Burke County calculates property tax penalties based on a percentage of the unpaid taxes each month. Here's an example to illustrate how this works:
Let's say that John owns a property in Burke County and he owes $5,000 in property taxes for the year. The deadline for paying these taxes is January 31st. However, John forgets to pay his taxes on time and misses the deadline. Here's how the penalty would be calculated:
| Month | Penalty Rate | Penalty Amount |
|---|---|---|
| Feb | 1% | $50 |
| Mar | 2% | $100 |
| Apr | 3% | $150 |
| May | 4% | $200 |
| Jun | 5% | $250 |
| Jul | 6% | $300 |
| Aug | 7% | $350 |
| Sep | 8% | $400 |
| Oct | 9% | $450 |
| Nov | 10% | $500 |
| Dec | 11% | $550 |
Since John missed the deadline, he would owe an additional 1% penalty in February, and 1% more each subsequent month until his taxes are paid in full. By December, his total penalty would be 11% of the original $5,000, or $550.
It's important to note that this is just an example and the penalty rates may vary depending on the county and state. However, the method of calculating penalties is generally similar across jurisdictions. It's always best to pay property taxes on time to avoid incurring penalties and interest.
We recommend contacting the Burke County Tax Office or a local tax professional for the most up-to-date and accurate information.