Tarboro, North Carolina Property Taxes
The median property tax rate in Tarboro, NC is 0.86%, slightly lower than the national median of 0.99% but higher than North Carolina's state median of 0.82%. With a median home value of $80,684 in Tarboro, the typical annual property tax bill amounts to $735, which is significantly below the national median of $2,690. Property taxes in Tarboro are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Tarboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tarboro or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tarboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$694
Ownwell’s Tarboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tarboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tarboro 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 Tarboro, North Carolina
Property taxes in Tarboro, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tarboro is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Tarboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tarboro 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 Tarboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27886 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Tarboro provides valuable insights into the varying tax landscape across Edgecombe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tarboro Tax Rate
0.86%
Average Pitt County Tax Rate
1.17%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | 0.62% | 0.83% | 0.86% | 0.97% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Tarboro, North Carolina
In Tarboro, 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 local 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 Tarboro, 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. The median home price in Tarboro is $80,684, with tax bills ranging from $515 at the 25th percentile to $1,984 at the 90th percentile. Notably, the highest and lowest median tax bills are both $735, found in the 27886 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tarboro Assessed Value
$80,684
Average Pitt County Assessed Value
$124,775
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $29,423 | $62,326 | $80,684 | $184,348 | $240,428 |
Source: Ownwell
Property Tax Bills Across Tarboro, North Carolina
In Tarboro, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $80,684, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $515, whereas at the 75th percentile, it rises to approximately $1,582. The 90th percentile sees tax bills reaching up to $1,984. Several factors influence these calculations, including property size, location, and any improvements made to the home. These elements are crucial as they directly affect the assessed value. Compared to the national median property tax rate of 0.99%, Tarboro's rates can significantly impact homeowners, making it essential for residents to understand how their tax bills are determined. Accurate assessments ensure that homeowners pay a fair amount, reflecting the true value of their property.
Average Tarboro Tax Bill
$735
Average Pitt County Tax Bill
$1,320
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $160 | $515 | $735 | $1,582 | $1,984 |
Source: Ownwell