Elm City, Edgecombe County, North Carolina Property Taxes
The median property tax rate in Elm City, NC is 1.16%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Elm City at $70,098, the typical annual property tax bill reaches $810, exceeding the national median of $2,690. Property taxes in Elm City 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 Elm City'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 Elm City 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
Elm City, Edgecombe County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$813
$755
Ownwell’s Elm City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elm City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elm City 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 Elm City, Edgecombe County, North Carolina
Property taxes in Elm City, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm City is 1.16%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Elm City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm City 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 Elm City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27822 zip code has the highest median property tax rate of 1.16%, while the 27822 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Elm City provides valuable insights into the varying tax landscape across Edgecombe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm City Tax Rate
1.16%
Average Edgecombe County Tax Rate
0.95%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm City, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | 1.01% | 1.08% | 1.16% | 1.24% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Elm City, Edgecombe County, North Carolina
In Elm City, 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 Edgecombe 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 Elm City, 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. For instance, the highest median tax bill in Elm City is $810 in the 27822 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elm City, Edgecombe County, North Carolina
Source: Ownwell
$59,488
$71,524
$83,559
Average Elm City Assessed Value
$70,098
Average Edgecombe County Assessed Value
$68,521
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm City, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | $22,158 | $37,214 | $70,098 | $120,051 | $183,427 |
Source: Ownwell
Property Tax Bills Across Elm City, Edgecombe County, North Carolina
In Elm City, property tax bills are calculated based on the assessed value of a home, which is determined by the Edgecombe County tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with the median home price at $70,098, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. The 25th percentile tax bill is around $512, while the 75th percentile reaches $1,349. For those in the 90th percentile, tax bills can go up to $2,094. Comparatively, the national median property tax rate is 0.99%, making Elm City's property taxes relatively moderate. Homeowners should be aware that property taxes directly affect their annual expenses, and understanding these factors can help in financial planning and potentially appealing for reassessment if they believe their property is overvalued.
Average Elm City Tax Bill
$810
Average Edgecombe County Tax Bill
$709
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm City, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27822 | $312 | $512 | $810 | $1,349 | $2,094 |
Source: Ownwell