Fairfield, North Carolina Property Taxes
The median property tax rate in Fairfield, NC is 0.90%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $67,866 in Fairfield, the typical annual property tax bill amounts to $578, which is significantly below the national median of $2,690. Property taxes in Fairfield are calculated based on the assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fairfield'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 Fairfield or another part of Hyde County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$611
Ownwell’s Fairfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairfield 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 Fairfield, North Carolina
Property taxes in Fairfield, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Fairfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairfield 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 Fairfield's effective property tax rate to other regions and the national median. For comparison, the zip code 27826 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Fairfield provides valuable insights into the varying tax landscape across Hyde County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
0.90%
Average Hyde County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27826 | 0.89% | 0.89% | 0.90% | 0.90% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Fairfield, North Carolina
In Fairfield, 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 Hyde 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 Fairfield, 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 Fairfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairfield is $578.00 in the 27826 zip code, while the lowest median tax bill is also $578.00 in the same zip code.
Property Tax Assessment Values Across Fairfield, North Carolina
Source: Ownwell
$50,948
$159,903
$268,857
Average Fairfield Assessed Value
$67,866
Average Hyde County Assessed Value
$78,676
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27826 | $18,058 | $34,616 | $67,866 | $151,182 | $334,746 |
Source: Ownwell
Property Tax Bills Across Fairfield, North Carolina
In Fairfield, Hyde County, NC, property tax bills are calculated based on the assessed value of your home. The county assesses properties to determine their value, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $67,866, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property location, size, and market conditions influence the assessed value. In Fairfield, the 25th percentile tax bill is around $303, while the 75th percentile reaches $1,316, and the 90th percentile can be as high as $2,850. These variations highlight how different factors can significantly impact the amount homeowners owe annually. Compared to the national median property tax rate of 0.99%, Fairfield's tax bills reflect the local economic conditions and property values. Understanding these elements helps homeowners anticipate their financial obligations and plan accordingly.
Average Fairfield Tax Bill
$578
Average Hyde County Tax Bill
$681
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27826 | $156 | $303 | $578 | $1,316 | $2,850 |
Source: Ownwell