Margarettsvl, North Carolina Property Taxes
The median property tax rate in Margarettsville, NC is 0.82%, aligning with the North Carolina state median but still lower than the national median of 0.99%. With the median home value in Margarettsville at $128,120, the typical annual property tax bill amounts to $980, which is below the national median of $2,690. Property taxes in Margarettsville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Margarettsville'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 Margarettsville 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
Margarettsvl, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,051
Ownwell’s MARGARETTSVL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MARGARETTSVL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MARGARETTSVL 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 Margarettsvl, North Carolina
Property taxes in Margarettsville, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Margarettsville is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Margarettsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Margarettsville 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 Margarettsville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27853 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Margarettsville provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Margarettsvl Tax Rate
0.82%
Average Northampton County Tax Rate
1.04%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Margarettsvl, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | 0.45% | 0.54% | 0.82% | 1.35% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Margarettsvl, North Carolina
In Margarettsville, 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 Northampton 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 Margarettsville, 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 Margarettsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $980.00, found in the 27853 zip code.
Property Tax Assessment Values Across Margarettsvl, North Carolina
Source: Ownwell
$13,345
$187,955
$362,565
Average Margarettsvl Assessed Value
$128,120
Average Northampton County Assessed Value
$67,893
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Margarettsvl, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | $39,523 | $76,386 | $128,120 | $230,650 | $358,948 |
Source: Ownwell
Property Tax Bills Across Margarettsvl, North Carolina
In MARGARETTSVL, located in Northampton County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office, which evaluates the property's market value and applies an assessment ratio. For homeowners in MARGARETTSVL, the median home price is $128,120. The property tax rate in Northampton County is applied to this assessed value to determine the annual tax bill. For instance, homeowners at the 25th percentile pay around $789, while those at the 75th percentile face tax bills of approximately $1,195. The 90th percentile sees tax bills as high as $1,512. These figures highlight the variability in property tax bills depending on the home's assessed value and the applicable tax rate. Compared to the national median property tax rate of 0.99%, homeowners in MARGARETTSVL experience a range of tax bills, illustrating how local assessments and property values significantly impact the financial obligations of property owners.
Average Margarettsvl Tax Bill
$980
Average Northampton County Tax Bill
$808
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Margarettsvl, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | $517 | $789 | $980 | $1,195 | $1,512 |
Source: Ownwell