Colerain, North Carolina Property Taxes
The median property tax rate in Colerain, NC is 0.92%, 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 Colerain at $99,672, the typical annual property tax bill amounts to $983, which is significantly lower than the national median of $2,690. Property taxes in Colerain are calculated based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Colerain's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Colerain or another part of Hertford County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colerain, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$917
Ownwell’s Colerain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colerain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colerain 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 Colerain, North Carolina
Property taxes in Colerain, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colerain is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Colerain set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colerain 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 Colerain's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27924 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Colerain provides valuable insights into the varying tax landscape across Hertford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colerain Tax Rate
0.92%
Average Hertford County Tax Rate
1.29%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | 0.76% | 0.84% | 0.92% | 1.10% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Colerain, North Carolina
In Colerain, 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 Hertford 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 Colerain, 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 Colerain 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 $983, found in the 27924 zip code.
Average Colerain Assessed Value
$99,672
Average Hertford County Assessed Value
$63,714
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | $14,898 | $41,823 | $99,672 | $144,621 | $258,014 |
Source: Ownwell
Property Tax Bills Across Colerain, North Carolina
In Colerain, Hertford County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Colerain is $99,672, and the property tax rate is applied to this assessed value to determine the annual tax bill. Local authorities consider factors such as property size, location, and market conditions during assessment. For homeowners, this means the tax bill can vary significantly depending on their property's assessed value. The tax bill in Colerain can range widely. For instance, at the 25th percentile, homeowners might pay around $485 annually, while at the 75th percentile, the tax bill can be approximately $1,441. At the 90th percentile, it could go up to $1,781. The highest and lowest median tax bills in the area are both $983, indicating a consistent tax rate across the region. Compared to the national median property tax rate of 0.99%, Colerain's tax bills reflect the local economic conditions and property values, impacting homeowners' annual expenses.
Average Colerain Tax Bill
$983
Average Hertford County Tax Bill
$793
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Colerain, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27924 | $173 | $485 | $983 | $1,441 | $1,781 |
Source: Ownwell