Newport, North Carolina Property Taxes
The median property tax rate in Newport, NC is 0.53%, significantly lower than both the national median of 0.99% and North Carolina's state median of 0.82%. With the median home value in Newport, the typical annual property tax bill amounts to $804, well below the national median of $2,690. Property taxes in Newport are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newport'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 Newport 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
Newport, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$822
$763
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, North Carolina
Property taxes in Newport, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.53%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28570 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Newport provides valuable insights into the varying tax landscape across Carteret County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.53%
Average Carteret County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | 0.35% | 0.46% | 0.53% | 0.61% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Newport, North Carolina
In Newport, 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 Carteret 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Newport is $804 in the 28570 zip code, which is also the lowest median tax bill in the area.
Average Newport Assessed Value
$155,144
Average Carteret County Assessed Value
$225,462
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | $53,013 | $98,694 | $155,144 | $244,624 | $359,968 |
Source: Ownwell
Property Tax Bills Across Newport, North Carolina
In Newport, Carteret County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, if a home has a median price of $155,144, the tax bill can vary significantly across different percentiles. Homeowners in the 25th percentile might see a tax bill around $502, while those in the 75th percentile could face a bill of about $1,251. At the 90th percentile, the tax bill can reach up to $1,847. These variations highlight how different factors like property location, size, and improvements can influence the assessed value and, consequently, the tax bill. With the national median property tax rate at 0.99%, Newport's property tax bills can have significant financial implications for homeowners, affecting their overall cost of living and long-term financial planning.
Average Newport Tax Bill
$804
Average Carteret County Tax Bill
$1,125
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | $342 | $502 | $804 | $1,251 | $1,847 |
Source: Ownwell