Fairfield, North Carolina Property Taxes
The median property tax rate in Fairfield, 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 Fairfield, the typical annual property tax bill reaches $663, which is below the national median of $2,690. Property taxes in Fairfield 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 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 the city, 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
1.2%
Estimate Property Tax Bill
$506
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairfield is 0.82%, which is lower than both the North Carolina state median of 0.85% and 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 counties in North Carolina and the national median. For comparison, the 27826 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Fairfield provides valuable insights into the varying tax landscape across Tyrrell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairfield Tax Rate
1.20%
Average Tyrrell County Tax Rate
1.22%
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 | 0.41% | 0.95% | 1.20% | 1.48% | 1.77% |
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 Tyrrell 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 zip code 27826 has the highest and lowest median tax bill at $663.
Average Fairfield Assessed Value
$42,168
Average Tyrrell County Assessed Value
$54,954
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 | $4,091 | $15,206 | $42,168 | $73,314 | $140,521 |
Source: Ownwell
Property Tax Bills Across Fairfield, North Carolina
In Fairfield, located in Tyrrell County, NC, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. For instance, with a median home price of $42,168, homeowners can expect their tax bill to vary significantly based on the assessed value and applicable exemptions. Tax bills in Fairfield can range widely. The 25th percentile tax bill is $258, while the 75th percentile tax bill is $1,108, and the 90th percentile tax bill reaches $1,721. This variability highlights how different factors, such as property improvements and neighborhood developments, can influence the assessed value and, consequently, the tax bill. With the national median property tax rate at 0.99%, Fairfield's rates provide a comparative framework for homeowners. The highest and lowest median tax bills in the area are both $663, found in zip code 27826, indicating a level of consistency in tax assessments within this region. Understanding these factors helps homeowners in Fairfield anticipate their property tax obligations more accurately.
Average Fairfield Tax Bill
$663
Average Tyrrell County Tax Bill
$781
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 | $142 | $258 | $663 | $1,108 | $1,721 |
Source: Ownwell