Newport, North Carolina Property Taxes
The median property tax rate in Newport, NC is 0.51%, 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 Newport, the typical annual property tax bill reaches $2,989, slightly exceeding the national median of $2,690. Property taxes in Newport 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 Newport'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 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
0.51%
Estimate Property Tax Bill
$2,994
$2,778
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.51%, which is lower than 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 areas in North Carolina and the national median. For comparison, the zip code 28570 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 cities compare with Newport 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 Newport 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 Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
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 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 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 zip code with the highest and lowest median tax bill is 28570, with a median tax bill of $2,989.
Property Tax Assessment Values Across Newport, North Carolina
Source: Ownwell
$106,165
$346,580
$586,995
Average Newport Assessed Value
$586,995
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 Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | $510,727 | $539,328 | $586,995 | $634,662 | $663,263 |
Source: Ownwell
Property Tax Bills Across Newport, North Carolina
In Newport, Craven County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $586,995 in Newport, homeowners can expect varying tax bills depending on their property's specific assessed value and any applicable exemptions. Factors such as property location, improvements, and market trends influence the assessed value. In Newport, the tax bills range significantly, with the 25th percentile paying around $2,751 and the 75th percentile paying approximately $3,226. The highest tax bills, in the 90th percentile, can reach up to $3,369 annually. This variability affects homeowners differently, impacting their annual budgets and financial planning. Compared to the national median property tax rate of 0.99%, Newport’s tax rates reflect the region's specific economic and market conditions.
Average Newport Tax Bill
$2,989
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 Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28570 | $2,608 | $2,751 | $2,989 | $3,226 | $3,369 |
Source: Ownwell