Tyrrell County Property Taxes
The median property tax rate in Tyrrell County is 1.22%, which is significantly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Tyrrell County, the typical annual property tax bill reaches $781, which is below the national median of $2,690. Property taxes in Tyrrell County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Tyrrell County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Tyrrell County or another part of North Carolina, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tyrrell County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$670
Ownwell’s Tyrrell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Tyrrell with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Tyrrell to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property's assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Tyrrell County, North Carolina
Property taxes in Tyrrell County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Tyrrell County is 1.22%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Tyrrell County set these rates annually, and they can vary significantly between different areas within the county. Each year, Tyrrell County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Tyrrell County's effective property tax rate with other counties in North Carolina and the national median. For comparison, the city of Columbia has one of the higher property tax rates in North Carolina at 1.24%, while the city of Creswell boasts one of the lowest at 0.95%. Analyzing how Tyrrell County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Tyrrell County Tax Rate
1.22%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Tyrrell County, North Carolina
In Tyrrell County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Tyrrell County Appraisal District. The assessed value, however, 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. Assessment notices in Tyrrell County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, in Tyrrell County, the median home price stands at $54,954. The city with the highest median tax bill is Columbia at $801, while Fairfield has the lowest at $663. Being aware of these valuation processes in Tyrrell County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Tyrrell County, North Carolina
Source: Ownwell
$42,168
$49,066
$55,964
Average Tyrrell County Assessed Value
$54,954
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Bills Across Tyrrell County, North Carolina
In Tyrrell County, NC, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined based on the market value of the property, which is periodically reassessed to reflect current market conditions. Several factors influence the tax bill, including property size, location, and any improvements made to the property. For homeowners in Tyrrell County, the median home price is $54,954. The property tax bill can vary significantly, with the 25th percentile at $427 and the 75th percentile at $1,294. At the 90th percentile, homeowners may see tax bills as high as $2,152. These variations are influenced by property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Tyrrell County's rates and resulting tax bills can provide a more affordable option for many homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Tyrrell County Tax Bill
$781
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690