Princeton, North Carolina Property Taxes
The median property tax rate in Princeton, NC is 0.79%, slightly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $134,565 in Princeton, the typical annual property tax bill amounts to $1,081, which is below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Princeton'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 Princeton or another part of Johnston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,063
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, North Carolina
Property taxes in Princeton, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27569 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Princeton 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 Princeton Tax Rate
0.79%
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 Princeton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27569 | 0.63% | 0.79% | 0.79% | 0.82% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Princeton, North Carolina. 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27569, with a median tax bill of $1081, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Princeton, North Carolina
Source: Ownwell
$91,150
$173,400
$255,650
Average Princeton Assessed Value
$134,565
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 Princeton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27569 | $58,515 | $85,790 | $134,565 | $195,992 | $294,790 |
Source: Ownwell
Property Tax Bills Across Princeton, North Carolina
In Princeton, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the property tax rate set by Johnston County. For example, with a median home price of $134,565, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $690, while at the 75th percentile, it rises to $1,637. For those at the 90th percentile, the tax bill can reach up to $2,405. These figures highlight the impact of property taxes on homeowners in Princeton. The highest median tax bill in the area is $1,081, which is below the national median property tax rate of 0.99%. This relatively lower tax rate can be beneficial for homeowners, potentially making Princeton an attractive area for property investment. However, it's important for homeowners to stay informed about their property's assessed value and the local tax rate to manage their financial planning effectively.
Average Princeton Tax Bill
$1,081
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 Princeton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27569 | $490 | $690 | $1,081 | $1,637 | $2,405 |
Source: Ownwell