Micro, North Carolina Property Taxes
The median property tax rate in MICRO, NC is 1.31%, significantly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $91,150 in MICRO, the typical annual property tax bill reaches $1,173, surpassing the national median of $2,690. Property taxes in MICRO 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 MICRO'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 MICRO 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
Micro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,194
Ownwell’s MICRO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MICRO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MICRO 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 Micro, North Carolina
Property taxes in MICRO, 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 MICRO is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within MICRO set these rates annually, and they can vary significantly across different neighborhoods. Each year, MICRO 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 MICRO's effective property tax rate to other areas in Johnston County and the national median. For comparison, the 27555 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these areas compare with MICRO provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Micro Tax Rate
1.31%
Average Johnston County Tax Rate
0.81%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Micro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27555 | 0.81% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Micro, North Carolina
In MICRO, 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 Johnston 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 MICRO, 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 MICRO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,173 in the 27555 zip code.
Average Micro Assessed Value
$91,150
Average Johnston County Assessed Value
$190,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Micro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27555 | $49,400 | $69,370 | $91,150 | $134,140 | $161,796 |
Source: Ownwell
Property Tax Bills Across Micro, North Carolina
In MICRO, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. With a median home price of $91,150, homeowners in Johnston County can expect varying tax bills depending on the assessed value and any applicable exemptions. For instance, the 25th percentile tax bill is around $697, while the 75th percentile reaches $1,645, and the 90th percentile can be as high as $2,073. These figures highlight the range of property tax burdens within the area. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the final tax bill. Compared to the national median property tax rate of 0.99%, the property taxes in MICRO are relatively moderate, providing some relief to homeowners. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly, ensuring they are not caught off guard by their annual property tax bills.
Average Micro Tax Bill
$1,173
Average Johnston County Tax Bill
$1,676
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Micro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27555 | $470 | $697 | $1,173 | $1,645 | $2,073 |
Source: Ownwell