Speed, North Carolina Property Taxes
The median property tax rate in Speed, NC is 1.42%, 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 Speed at $54,253, the typical annual property tax bill reaches $707, exceeding the national median of $2,690. Property taxes in Speed 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 Speed'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 Speed 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
Speed, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$770
Ownwell’s SPEED Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPEED with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPEED 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 Speed, North Carolina
Property taxes in Speed, 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 Speed is 1.42%, significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Speed set these rates annually, and they can vary significantly across different neighborhoods. Each year, Speed 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 Speed's effective property tax rate to other areas in North Carolina and the national median. For comparison, the ZIP code 27881 has the highest median property tax rate of 1.42%, while the lowest median tax rate is also 1.42%. Understanding how these figures compare with Speed 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 Speed Tax Rate
1.42%
Average Edgecombe County Tax Rate
0.95%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Speed, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27881 | 0.50% | 1.07% | 1.42% | 1.42% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Speed, North Carolina
In Speed, 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 Edgecombe 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 Speed, 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 Speed 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 region both stand at $707.00, with the zip code 27881 experiencing these values.
Average Speed Assessed Value
$54,253
Average Edgecombe County Assessed Value
$68,521
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Speed, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27881 | $16,323 | $25,758 | $54,253 | $92,618 | $96,489 |
Source: Ownwell
Property Tax Bills Across Speed, North Carolina
In Speed, located in Edgecombe County, NC, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county's tax assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $54,253, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $135, while the 75th percentile tax bill reaches approximately $1,315, and the 90th percentile tax bill is about $1,370. These variations indicate that different factors, such as property size, location, and improvements, play a role in determining the final tax bill. Compared to the national median property tax rate of 0.99%, Speed's property taxes can be relatively low or high, depending on the specific property characteristics. This variability affects homeowners by influencing their annual financial obligations and potentially impacting their decisions regarding property investments and home improvements.
Average Speed Tax Bill
$707
Average Edgecombe County Tax Bill
$709
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Speed, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27881 | $57 | $135 | $707 | $1,315 | $1,370 |
Source: Ownwell