Faison, North Carolina Property Taxes
The median property tax rate in Faison, NC is 0.93%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Faison at $61,300, the typical annual property tax bill is $606, which is significantly below the national median of $2,690. Property taxes in Faison are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Faison'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 Faison 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
Faison, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$570
$529
Ownwell’s Faison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Faison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Faison 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 Faison, North Carolina
Property taxes in Faison, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Faison is 0.93%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Faison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faison 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 Faison's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28341 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Faison 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 Faison Tax Rate
0.93%
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 Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | 0.73% | 0.74% | 0.93% | 1.21% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Faison, North Carolina
In Faison, 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 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. In Faison, 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 Faison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $606.00, found in the 28341 zip code.
Average Faison Assessed Value
$61,300
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 Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | $13,100 | $32,000 | $61,300 | $92,475 | $152,140 |
Source: Ownwell
Property Tax Bills Across Faison, North Carolina
In Faison, located within Duplin County, NC, property tax bills are calculated based on the assessed value of a home rather than its market value. The tax rate in this region is applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $61,300, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $368 annually, while those in the 75th percentile may see bills closer to $968. The top 10% of homeowners face even higher taxes, with bills reaching up to $1,665. The tax bill is influenced by several factors, including the property’s assessed value and the local tax rate. This system can impact homeowners differently, depending on the value of their property and the specific rates set by local authorities. Compared to the national median property tax rate of 0.99%, Faison’s property taxes can be seen as relatively moderate, providing some financial relief for homeowners in the area.
Average Faison Tax Bill
$606
Average Duplin County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | $208 | $368 | $606 | $968 | $1,665 |
Source: Ownwell