Cove City, Craven County, North Carolina Property Taxes
The median property tax rate in Cove City, NC is 0.54%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Cove City at $125,230, the typical annual property tax bill reaches $710, significantly less than the national median of $2,690. Property taxes in Cove City 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 Cove City'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 Cove City 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
Cove City, Craven County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$676
$628
Ownwell’s Cove City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cove City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cove City 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 Cove City, Craven County, North Carolina
Property taxes in Cove City, 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 Cove City is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Cove City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cove City 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 Cove City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28523 zip code has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Cove City provides valuable insights into the varying tax landscape across Craven County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cove City Tax Rate
0.54%
Average Craven County Tax Rate
0.66%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cove City, Craven County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28523 | 0.49% | 0.51% | 0.54% | 0.58% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Cove City, Craven County, North Carolina
In Cove City, 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 Craven 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 Cove City, 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 Cove City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cove City are both $710.00, found in the zip code 28523.
Property Tax Assessment Values Across Cove City, Craven County, North Carolina
Source: Ownwell
$106,165
$252,128
$398,090
Average Cove City Assessed Value
$125,230
Average Craven County Assessed Value
$192,005
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cove City, Craven County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28523 | $18,000 | $67,602 | $125,230 | $189,315 | $258,440 |
Source: Ownwell
Property Tax Bills Across Cove City, Craven County, North Carolina
Property tax bills in Cove City, located in Craven County, NC, are determined by assessing the property's market value and applying the local tax rate. The tax rate is set by the local government and is used to calculate the amount homeowners owe annually. Several factors are considered in this process, including the property's assessed value, which is based on its market value, and any applicable exemptions or deductions. For instance, the median home price in Cove City is $125,230. Homeowners in the 25th percentile pay around $367 annually, while those in the 75th percentile see bills closer to $1,041. At the 90th percentile, property tax bills can reach up to $1,406. These figures indicate a range of tax burdens depending on property values and other contributing factors. Compared to the national median property tax rate of 0.99%, Cove City's tax rates can significantly impact homeowners, influencing their overall financial planning and housing affordability. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Cove City Tax Bill
$710
Average Craven County Tax Bill
$1,328
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cove City, Craven County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28523 | $101 | $367 | $710 | $1,041 | $1,406 |
Source: Ownwell