Grifton, North Carolina Property Taxes
The median property tax rate in Grifton, NC is 0.91%, slightly below the national median of 0.99% but above the North Carolina state median of 0.82%. With a median home value of $62,375 in Grifton, the typical annual property tax bill is around $605, which is significantly lower than the national median of $2,690. Property taxes in Grifton are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grifton'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 Grifton 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
Grifton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$568
Ownwell’s Grifton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Grifton. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Grifton to provide a precise estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Grifton, North Carolina
Property taxes in Grifton, 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 Grifton is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Grifton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grifton 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 Grifton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in Lenoir County remains consistent at 0.91%, while the lowest median tax rate is also 0.91%. Understanding how these cities compare with Grifton provides valuable insights into the varying tax landscape across Lenoir County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grifton Tax Rate
0.91%
Average Lenoir County Tax Rate
1.07%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | 0.84% | 0.90% | 0.91% | 1.02% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Grifton, North Carolina
In Grifton, 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 Lenoir 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 Grifton, 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 Grifton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Grifton is $62,375, with annual tax bills ranging from $352 at the 25th percentile to $1,509 at the 90th percentile. The highest and lowest median tax bills are both $605, found in zip code 28530. This comparison highlights how understanding and managing assessed values can significantly impact your overall tax expenses.
Average Grifton Assessed Value
$62,375
Average Lenoir County Assessed Value
$66,089
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | $14,240 | $37,210 | $62,375 | $109,382 | $180,811 |
Source: Ownwell
Property Tax Bills Across Grifton, North Carolina
In Grifton, NC, located in Lenoir County, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Grifton is $62,375. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Grifton, the tax bill for the 25th percentile is $352, while the 75th percentile sees a tax bill of $995, and the 90th percentile reaches up to $1509. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These tax bills significantly impact homeowners, as they represent a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Grifton's tax bills reflect the local economic conditions and property values, providing a more tailored approach to property taxation in this region.
Average Grifton Tax Bill
$605
Average Lenoir County Tax Bill
$738
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | $130 | $352 | $605 | $995 | $1,509 |
Source: Ownwell