Colerain, North Carolina Property Taxes
The median property tax rate in Colerain, NC is 0.90%, 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 $59,525 in Colerain, the typical annual property tax bill amounts to $502, which is significantly below the national median of $2,690. Property taxes in Colerain are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Grasping the intricacies of Colerain's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Colerain or another part of Bertie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colerain, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$536
Ownwell’s Colerain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colerain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colerain 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 Colerain, North Carolina
Property taxes in Colerain, North Carolina, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Colerain is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Colerain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colerain 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 Colerain's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27924 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Colerain provides valuable insights into the varying tax landscape across Bertie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colerain Tax Rate
0.90%
Average Bertie County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | 0.50% | 0.87% | 0.90% | 0.90% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Colerain, North Carolina
In Colerain, 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 Bertie 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 Colerain, 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. The median home price in Colerain is $59,525, with annual tax bills ranging from $293 at the 25th percentile to $1,486 at the 90th percentile. The zip code with the highest and lowest median tax bill is 27924, both at $502. Being aware of these valuation processes in Colerain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colerain Assessed Value
$59,525
Average Bertie County Assessed Value
$56,495
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | $18,371 | $35,418 | $59,525 | $92,744 | $159,438 |
Source: Ownwell
Property Tax Bills Across Colerain, North Carolina
In Colerain, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Colerain is $59,525. Property taxes in this area are influenced by various factors, including the property's assessed value, local tax rates, and any exemptions for which the homeowner may qualify. Homeowners in Colerain can expect a wide range in their tax bills. For example, the 25th percentile tax bill is $293, while the 75th percentile tax bill is $877. At the higher end, the 90th percentile tax bill reaches $1,486. The highest and lowest median tax bills in the area are both $502, indicating some consistency within the ZIP code 27924. These tax bills, although generally lower than the national median property tax rate of 0.99%, can still significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors helps homeowners better anticipate their annual property tax obligations.
Average Colerain Tax Bill
$502
Average Bertie County Tax Bill
$505
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | $136 | $293 | $502 | $877 | $1,486 |
Source: Ownwell