Chinquapin, North Carolina Property Taxes
The median property tax rate in Chinquapin, NC is 0.92%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $73,200 in Chinquapin, the typical annual property tax bill amounts to $764, which is significantly less than the national median of $2,690. Property taxes in Chinquapin are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Chinquapin'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 Chinquapin or another part of Duplin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chinquapin, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$673
Ownwell’s Chinquapin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chinquapin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chinquapin 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 Chinquapin, North Carolina
Property taxes in Chinquapin, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chinquapin is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Chinquapin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chinquapin 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 Chinquapin's effective property tax rate to other areas in Duplin County and the national median. For comparison, the 28521 zip code has the highest median property tax rate of 0.92%, while the same 28521 zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Chinquapin provides valuable insights into the varying tax landscape across Duplin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chinquapin Tax Rate
0.92%
Average Duplin County Tax Rate
0.96%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chinquapin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28521 | 0.78% | 0.85% | 0.92% | 1.02% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Chinquapin, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chinquapin, North Carolina. 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 Duplin 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. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Chinquapin, the zip code 28521 has the highest median tax bill at $764, which is also the lowest median tax bill for the area.
Property Tax Assessment Values Across Chinquapin, North Carolina
Source: Ownwell
$61,300
$73,650
$86,000
Average Chinquapin Assessed Value
$73,200
Average Duplin County Assessed Value
$70,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chinquapin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28521 | $15,400 | $44,150 | $73,200 | $114,100 | $174,040 |
Source: Ownwell
Property Tax Bills Across Chinquapin, North Carolina
In Chinquapin, Duplin County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county tax assessor. The median home price in the area is $73,200. Homeowners can expect a property tax bill that varies significantly depending on their property's assessed value. For example, the 25th percentile tax bill is around $495, while the 75th percentile tax bill reaches $1,120. The 90th percentile tax bill can go up to $1,656. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These factors combined determine the financial responsibility homeowners face annually. Compared to the national median property tax rate of 0.99%, the rates in Chinquapin reflect the local economic conditions and funding needs for public services. Homeowners in Chinquapin must budget for these property tax expenses, which directly impact their overall cost of living and financial planning.
Average Chinquapin Tax Bill
$764
Average Duplin County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Chinquapin, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28521 | $290 | $495 | $764 | $1,120 | $1,656 |
Source: Ownwell