Kinston, North Carolina Property Taxes
The median property tax rate in Kinston, NC is 0.53%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $303,890, the typical annual property tax bill in Kinston is approximately $1,609, well below the national median of $2,690. Property taxes in Kinston are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Kinston'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 Kinston or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kinston, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,611
$1,495
Ownwell’s Kinston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kinston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinston 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 Kinston, North Carolina
Property taxes in Kinston, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinston is 0.53%, which is lower than the U.S. national median of 0.99%. Local government entities within Kinston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinston 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 Kinston's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28501 has the same median property tax rate of 0.53%. Understanding how these cities compare with Kinston 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 Kinston Tax Rate
0.53%
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 Kinston, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28501 | 0.53% | 0.53% | 0.53% | 0.55% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Kinston, North Carolina
In Kinston, 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 local 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 Kinston, 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 Kinston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Kinston is $1609 in zip code 28501, while the lowest median tax bill is also $1609 in the same zip code.
Property Tax Assessment Values Across Kinston, North Carolina
Source: Ownwell
$106,165
$346,580
$586,995
Average Kinston Assessed Value
$303,890
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 Kinston, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28501 | $157,906 | $212,650 | $303,890 | $310,875 | $315,066 |
Source: Ownwell
Property Tax Bills Across Kinston, North Carolina
In Kinston, located in Craven County, NC, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Kinston, the median home price is $303,890. The property tax bills vary significantly, with the 25th percentile at $1,144 and the 75th percentile at $1,649. The highest median tax bill recorded in the area is $1,609, which is notable given the national median property tax rate of 0.99%. These figures illustrate the financial impact on homeowners, as property taxes are a significant component of the overall cost of owning a home. Understanding how these factors interplay helps homeowners anticipate their annual expenses and plan accordingly.
Average Kinston Tax Bill
$1,609
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 Kinston, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28501 | $865 | $1,144 | $1,609 | $1,649 | $1,672 |
Source: Ownwell