Creswell, North Carolina Property Taxes
The median property tax rate in Creswell, NC is 0.95%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Creswell at $49,691, the typical annual property tax bill amounts to $682, which is significantly lower than the national median of $2,690. Property taxes in Creswell are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Creswell’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 Creswell 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
Creswell, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$472
Ownwell’s Creswell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Creswell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Creswell 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 Creswell, North Carolina
Property taxes in Creswell, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Creswell is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Creswell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Creswell 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 Creswell's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27928 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Creswell provides valuable insights into the varying tax landscape across Tyrrell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Creswell Tax Rate
0.95%
Average Tyrrell County Tax Rate
1.22%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Creswell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27928 | 0.39% | 0.85% | 0.95% | 1.34% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Creswell, North Carolina
In Creswell, 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 Tyrrell 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 Creswell, 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 Creswell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in zip code 27928 is $682, while the lowest is also $682, reflecting a consistent tax environment in the area.
Average Creswell Assessed Value
$49,691
Average Tyrrell County Assessed Value
$54,954
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Creswell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27928 | $4,023 | $13,188 | $49,691 | $99,850 | $270,268 |
Source: Ownwell
Property Tax Bills Across Creswell, North Carolina
In Creswell, NC, located in Tyrrell County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $49,691, the tax bill can vary significantly. Homeowners in the 25th percentile might see tax bills around $305, while those in the 75th percentile could face bills up to $1,047. At the higher end, the 90th percentile tax bills can reach $1,802. These tax amounts are influenced by local government budgets and the services provided to residents, such as schools and public safety. Compared to the national median property tax rate of 0.99%, Creswell's rates reflect the unique economic and budgetary needs of Tyrrell County. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Creswell Tax Bill
$682
Average Tyrrell County Tax Bill
$781
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Creswell, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27928 | $114 | $305 | $682 | $1,047 | $1,802 |
Source: Ownwell