Norfolk, North Carolina Property Taxes
The median property tax rate in Norfolk, NC is 0.40%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Norfolk, the typical annual property tax bill reaches $6, significantly below the national median of $2,690. Property taxes in Norfolk 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 Norfolk'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 Norfolk 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
Norfolk, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$6
Ownwell’s Norfolk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norfolk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norfolk 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 Norfolk, North Carolina
Property taxes in Norfolk, 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 Norfolk is 0.79%, lower than the North Carolina state median of 0.84% and the U.S. national median of 0.99%. Local government entities within Norfolk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norfolk 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 Norfolk's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27517 zip code has the highest median property tax rate of 0.84%, while the 27510 zip code has the lowest median tax rate of 0.70%. Understanding how these cities compare with Norfolk provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norfolk Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norfolk, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23518 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Norfolk, North Carolina
In Norfolk, 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 Avery 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 Norfolk, 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 Norfolk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Norfolk, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Norfolk Assessed Value
$1,600
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norfolk, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23518 | $1,600 | $1,600 | $1,600 | $1,600 | $1,600 |
Source: Ownwell
Property Tax Bills Across Norfolk, North Carolina
In Norfolk, Avery County, NC, property tax bills are calculated based on the assessed value of the home. The assessed value, which is determined by the county assessor, reflects the market value of the property. Homeowners in Norfolk face property tax bills that vary significantly across different percentiles. For instance, the 25th percentile tax bill is $6, which is notably low compared to the national median property tax rate of 0.99%. Similarly, the 75th and 90th percentile tax bills are also $6, indicating a consistent trend across various property values. Several factors influence the assessed value, including the property's location, size, and any improvements made. This assessed value is then multiplied by the local tax rate to determine the final tax bill. For homeowners, this means that even small changes in the assessed value can impact their annual property tax obligations. Understanding these factors can help homeowners anticipate their property tax bills and plan accordingly to manage their finances effectively.
Average Norfolk Tax Bill
$6
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Norfolk, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23518 | $6 | $6 | $6 | $6 | $6 |
Source: Ownwell