Grifton, North Carolina Property Taxes
The median property tax rate in Grifton, NC is 0.51%, 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 Grifton at $112,560, the typical annual property tax bill amounts to $588, which is well below the national median of $2,690. Property taxes in Grifton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Grifton'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 Grifton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grifton, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$574
Ownwell’s Grifton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grifton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grifton 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 Grifton, North Carolina
Property taxes in Grifton, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grifton is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Grifton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grifton 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 Grifton's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28530 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these figures compare with Grifton 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 Grifton Tax Rate
0.51%
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 Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | 0.46% | 0.48% | 0.51% | 0.53% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Grifton, North Carolina
In Grifton, 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 Grifton, 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 Grifton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Grifton's median home price is $112,560, with the highest median tax bill being $588 in zip code 28530. The 25th percentile tax bill is $236, while the 75th percentile tax bill is $961, and the 90th percentile tax bill is $1376.
Property Tax Assessment Values Across Grifton, North Carolina
Source: Ownwell
$106,165
$346,580
$586,995
Average Grifton Assessed Value
$112,560
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 Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | $14,067 | $29,435 | $112,560 | $183,192 | $280,482 |
Source: Ownwell
Property Tax Bills Across Grifton, North Carolina
In Grifton, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the property tax rate set by Craven County. For instance, with a median home price of $112,560, homeowners in Grifton can expect their tax bills to vary significantly. The 25th percentile tax bill is around $236, while the 75th percentile tax bill reaches up to $961. At the higher end, the 90th percentile tax bill can be as much as $1376. Several factors influence these variations, including the specific location within the county, property size, and any applicable exemptions. The highest and lowest median tax bills in the area are both $588, indicating some level of consistency in certain parts of the county. Compared to the national median property tax rate of 0.99%, Grifton's property taxes can be considered relatively moderate, which can be a significant factor for homeowners when budgeting for annual expenses.
Average Grifton Tax Bill
$588
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 Grifton, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28530 | $102 | $236 | $588 | $961 | $1,376 |
Source: Ownwell