Hertford, North Carolina Property Taxes
The median property tax rate in Hertford, NC is 0.74%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $225,852 in Hertford, the typical annual property tax bill amounts to $1,670, which is below the national median of $2,690. Property taxes in Hertford are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hertford'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 Hertford 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
Hertford, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,671
$1,551
Ownwell’s Hertford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hertford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hertford 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 Hertford, North Carolina
Property taxes in Hertford, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hertford is 0.74%, lower than the U.S. national median of 0.99%. Local government entities within Hertford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hertford 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 Hertford's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27944 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Hertford provides valuable insights into the varying tax landscape across Chowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hertford Tax Rate
0.74%
Average Chowan County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hertford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27944 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Hertford, North Carolina
In Hertford, 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 Chowan 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 Hertford, 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. Hertford's median home price stands at $225,852, with the highest and lowest median tax bills both being $1,670 in the zip code 27944. 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 Hertford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hertford, North Carolina
Source: Ownwell
$139,402
$182,627
$225,852
Average Hertford Assessed Value
$225,852
Average Chowan County Assessed Value
$147,626
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hertford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27944 | $225,852 | $225,852 | $225,852 | $225,852 | $225,852 |
Source: Ownwell
Property Tax Bills Across Hertford, North Carolina
In Hertford, located in Chowan County, NC, property tax bills are calculated based on the assessed value of a home. The local government assesses each property's value, which is then multiplied by the tax rate set by the county. For instance, the median home price in Hertford stands at $225,852. Homeowners in the area can expect a median property tax bill of $1,670, which aligns closely with the 25th, 75th, and 90th percentiles, all at $1,670. This consistency indicates a stable tax environment. Several factors influence the tax bill, including property size, location, and any improvements made to the home. Compared to the national median property tax rate of 0.99%, Hertford's tax rate reflects the specific needs and budgetary requirements of the local community. Homeowners should be aware that property taxes fund essential public services such as schools, infrastructure, and emergency services. Consequently, understanding how property tax bills are determined can help homeowners better manage their financial planning and obligations.
Average Hertford Tax Bill
$1,670
Average Chowan County Tax Bill
$1,115
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hertford, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27944 | $1,670 | $1,670 | $1,670 | $1,670 | $1,670 |
Source: Ownwell