Gloucester, North Carolina Property Taxes
The median property tax rate in Gloucester, NC is 0.64%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Gloucester at $132,882, the typical annual property tax bill is around $903, well below the national median of $2,690. Property taxes in Gloucester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Gloucester'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 Gloucester 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
Gloucester, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$850
Ownwell’s Gloucester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloucester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloucester 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 Gloucester, North Carolina
Property taxes in Gloucester, 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 Gloucester stands at 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Gloucester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloucester 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 Gloucester's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28528 has both the highest and lowest median property tax rate of 0.64%. Understanding how these cities compare with Gloucester provides valuable insights into the varying tax landscape across Carteret County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gloucester Tax Rate
0.64%
Average Carteret County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gloucester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28528 | 0.56% | 0.59% | 0.64% | 0.81% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Gloucester, North Carolina
In Gloucester, 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 Carteret 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 Gloucester, 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 Gloucester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $903 in zip code 28528, which is also the lowest median tax bill.
Property Tax Assessment Values Across Gloucester, North Carolina
Source: Ownwell
$70,790
$314,164
$557,538
Average Gloucester Assessed Value
$132,882
Average Carteret County Assessed Value
$225,462
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gloucester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28528 | $26,681 | $60,922 | $132,882 | $209,660 | $358,894 |
Source: Ownwell
Property Tax Bills Across Gloucester, North Carolina
In Gloucester, Carteret County, NC, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. Homeowners in Gloucester face property tax bills that vary significantly, with the 25th percentile at $491 and the 75th percentile at $1333. At the 90th percentile, the tax bill can reach up to $2342, reflecting the higher end of property values in the area. The median home price in Gloucester is $132,882, which gives a general idea of property values and their corresponding tax bills. The property tax rate in Carteret County is used to calculate the annual tax bill by multiplying it with the assessed value of the property. This tax revenue is crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Compared to the national median property tax rate of 0.99%, Gloucester's rates and tax bills provide a localized perspective on property taxation.
Average Gloucester Tax Bill
$903
Average Carteret County Tax Bill
$1,125
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Gloucester, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28528 | $312 | $491 | $903 | $1,333 | $2,342 |
Source: Ownwell