Covington, North Carolina Property Taxes
The median property tax rate in Covington, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Covington, the typical annual property tax bill is $780, well below the national median of $2,690. Property taxes in Covington are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Covington'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 Covington 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
Covington, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$780
$724
Ownwell’s Covington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Covington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Covington 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 Covington, North Carolina
Property taxes in Covington, 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 Covington is 0.69%, which is significantly higher than both the North Carolina state median of 0.70% and the U.S. national median of 0.99%. Local government entities within Covington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Covington 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 Covington's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 37011 has the highest median property tax rate of 0.72%, while the lowest median tax rate of 0.40% is found in Avery. Understanding how these cities compare with Covington provides valuable insights into the varying tax landscape across North Carolina, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Covington Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Covington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Covington, North Carolina
In Covington, 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 Avery 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 Covington, 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 Covington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 70433 has the highest and lowest median tax bill, both at $780.
Property Tax Assessment Values Across Covington, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Covington Assessed Value
$195,000
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Covington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | $195,000 | $195,000 | $195,000 | $195,000 | $195,000 |
Source: Ownwell
Property Tax Bills Across Covington, North Carolina
In Covington, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county's tax assessor. The assessed value typically represents a percentage of the property's market value. For instance, with a median home price of $195,000, the tax bill is calculated by applying the county's property tax rate to this assessed value. In Covington, the property tax rate results in a median tax bill of $780, which is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Covington benefit from relatively low property taxes, which can make homeownership more affordable compared to other regions. This lower tax burden can positively impact homeowners by reducing their annual expenses and potentially increasing the attractiveness of the area for new buyers.
Average Covington Tax Bill
$780
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Covington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 70433 | $780 | $780 | $780 | $780 | $780 |
Source: Ownwell