Parkton, North Carolina Property Taxes
The median property tax rate in Parkton, NC is 0.88%, 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 $198,440 in Parkton, the typical annual property tax bill amounts to $1,450, which is below the national median of $2,690. Property taxes in Parkton are based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Parkton'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 Parkton 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
Parkton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,746
Ownwell’s Parkton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkton 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 Parkton, North Carolina
Property taxes in Parkton, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkton is 0.88%, slightly lower than the U.S. national median of 0.99%. Local government entities within Parkton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkton 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 Parkton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28371 zip code has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Parkton provides valuable insights into the varying tax landscape across Hoke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parkton Tax Rate
0.88%
Average Hoke County Tax Rate
0.88%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | 0.70% | 0.78% | 0.88% | 0.91% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Parkton, North Carolina
In Parkton, 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 Hoke 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 Parkton, 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 Parkton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1450 in the zip code 28371.
Average Parkton Assessed Value
$198,440
Average Hoke County Assessed Value
$178,870
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | $96,178 | $140,700 | $198,440 | $303,920 | $400,446 |
Source: Ownwell
Property Tax Bills Across Parkton, North Carolina
In Parkton, property tax bills are calculated based on the assessed value of a home, which is determined by Hoke County. The assessed value is typically a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Parkton face a median home price of $198,440, and the tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property’s location, size, and any improvements made. For instance, homes in the 25th percentile of assessed values see tax bills around $1,126, while those in the 75th percentile face bills closer to $2,606. The highest tax bills, in the 90th percentile, can reach up to $3,186. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community. While the tax rate in Parkton might be higher or lower than the national median property tax rate of 0.99%, it ensures that local services are adequately supported.
Average Parkton Tax Bill
$1,450
Average Hoke County Tax Bill
$1,520
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | $823 | $1,126 | $1,450 | $2,606 | $3,186 |
Source: Ownwell