Mount Olive, North Carolina Property Taxes
The median property tax rate in Mount Olive, NC is 0.95%, which is slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Mount Olive at $70,400, the typical annual property tax bill amounts to $765, significantly lower than the national median of $2,690. Property taxes in Mount Olive are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Olive'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 Mount Olive 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
Mount Olive, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$669
Ownwell’s MOUNT OLIVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT OLIVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT OLIVE 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 Mount Olive, North Carolina
Property taxes in Mount Olive, 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 Mount Olive is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other areas in Duplin County and the national median. For comparison, the 28365 zip code has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Mount Olive provides valuable insights into the varying tax landscape across Duplin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olive Tax Rate
0.95%
Average Duplin County Tax Rate
0.96%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | 0.80% | 0.87% | 0.95% | 1.09% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, North Carolina
In Mount Olive, 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 Duplin 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 Mount Olive, 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. For instance, the zip code with the highest median tax bill is 28365, with a median tax bill of $765. Being aware of these valuation processes in Mount Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mount Olive, North Carolina
Source: Ownwell
$61,300
$73,650
$86,000
Average Mount Olive Assessed Value
$70,400
Average Duplin County Assessed Value
$70,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | $14,340 | $44,100 | $70,400 | $110,200 | $175,720 |
Source: Ownwell
Property Tax Bills Across Mount Olive, North Carolina
In Mount Olive, located in Duplin County, NC, property tax bills are determined based on the assessed value of a home, which is influenced by the market value. The median home price in this area is $70,400. To calculate the tax bill, the assessed value is multiplied by the local property tax rate. While the national median property tax rate stands at 0.99%, local rates can vary. Homeowners in Mount Olive can expect their tax bills to differ based on the value of their property. For instance, the tax bill at the 25th percentile is $555, while those at the 75th and 90th percentiles are $1,190 and $1,962, respectively. The highest median tax bill within the relevant zip code 28365 is $765, which is also the lowest median tax bill, indicating a consistent tax rate across this area. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Mount Olive Tax Bill
$765
Average Duplin County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | $368 | $555 | $765 | $1,190 | $1,962 |
Source: Ownwell