Parkton, North Carolina Property Taxes
The median property tax rate in Parkton, NC is 1.20%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Parkton, the typical annual property tax bill reaches $1,359, which is below the national median of $2,690. Property taxes in Parkton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Parkton'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 Parkton 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
Parkton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,664
Ownwell’s Parkton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkton 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 Parkton, North Carolina
Property taxes in Parkton, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkton is 1.20%, significantly higher than the U.S. national median of 0.99%. Local government entities within Parkton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkton estimates its required budget to maintain services for the upcoming fiscal year and 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 Parkton's effective property tax rate to other areas in Cumberland County and the national median. For comparison, the zip code 28371 has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Parkton provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parkton Tax Rate
1.20%
Average Cumberland County Tax Rate
1.48%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | 0.93% | 1.02% | 1.20% | 1.51% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Parkton, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parkton, North Carolina. 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 Cumberland 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 Parkton, 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 Parkton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,359 in the 28371 zip code, offering a consistent understanding of what to expect in property tax obligations.
Average Parkton Assessed Value
$138,658
Average Cumberland County Assessed Value
$115,098
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | $17,273 | $59,299 | $138,658 | $192,885 | $240,983 |
Source: Ownwell
Property Tax Bills Across Parkton, North Carolina
In Parkton, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Cumberland County tax assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $138,658, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $677, while the 75th percentile reaches up to $2,644, and the 90th percentile can be as high as $3,228. These figures highlight how the assessed value and corresponding tax rates can impact homeowners differently. For instance, the highest median tax bill in the area is $1,359, which is relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Parkton better anticipate their annual property tax obligations and manage their finances accordingly.
Average Parkton Tax Bill
$1,359
Average Cumberland County Tax Bill
$1,668
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28371 | $234 | $677 | $1,359 | $2,644 | $3,228 |
Source: Ownwell