Vanceboro, North Carolina Property Taxes
The median property tax rate in Vanceboro, NC is 0.50%, 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 Vanceboro at $126,070, the typical annual property tax bill amounts to $657, which is well below the national median of $2,690. Property taxes in Vanceboro 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 land. Understanding Vanceboro'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 Vanceboro or another part of Craven County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vanceboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$630
$585
Ownwell’s Vanceboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vanceboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vanceboro 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 Vanceboro, North Carolina
Property taxes in Vanceboro, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vanceboro is 0.50%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Vanceboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vanceboro 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 Vanceboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28586 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Vanceboro 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 Vanceboro Tax Rate
0.50%
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 Vanceboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28586 | 0.46% | 0.48% | 0.50% | 0.53% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Vanceboro, North Carolina
In Vanceboro, 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 Vanceboro, 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 Vanceboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Vanceboro is $657 in the 28586 zip code, while the lowest is also $657 in the same zip code.
Property Tax Assessment Values Across Vanceboro, North Carolina
Source: Ownwell
$106,165
$346,580
$586,995
Average Vanceboro Assessed Value
$126,070
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 Vanceboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28586 | $17,256 | $66,200 | $126,070 | $185,160 | $264,944 |
Source: Ownwell
Property Tax Bills Across Vanceboro, North Carolina
In Vanceboro, Craven County, NC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For instance, with a median home price of $126,070, homeowners can expect varying tax bills. The 25th percentile tax bill is around $332, while those in the 75th percentile pay about $1,011. At the 90th percentile, tax bills can reach up to $1,441. These tax bills can significantly impact homeowners, influencing their overall financial planning and housing affordability. Compared to the national median property tax rate of 0.99%, the local rates in Vanceboro may present a different financial landscape for residents. Understanding how these factors interplay helps homeowners anticipate their annual expenses and better manage their budgets.
Average Vanceboro Tax Bill
$657
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 Vanceboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28586 | $92 | $332 | $657 | $1,011 | $1,441 |
Source: Ownwell