Hobgood, Edgecombe County, North Carolina Property Taxes
The median property tax rate in Hobgood, NC is 1.21%, 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 Hobgood at $68,094, the typical annual property tax bill reaches $871, which is still below the national median of $2,690. Property taxes in Hobgood 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 Hobgood'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 Hobgood or another part of Edgecombe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hobgood, Edgecombe County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$824
$765
Ownwell’s Hobgood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hobgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hobgood 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 Hobgood, Edgecombe County, North Carolina
Property taxes in Hobgood, North Carolina, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Hobgood is 1.21%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities in Hobgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hobgood 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 Hobgood's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 27843 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Hobgood 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 Hobgood Tax Rate
1.21%
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 Hobgood, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | 1.04% | 1.14% | 1.21% | 1.33% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Hobgood, Edgecombe County, North Carolina
In Hobgood, 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 Hobgood, 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 Hobgood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hobgood is $871.00 in zip code 27843, which is also the lowest median tax bill, reflecting the uniformity in tax assessments within the area.
Property Tax Assessment Values Across Hobgood, Edgecombe County, North Carolina
Source: Ownwell
$59,488
$71,524
$83,559
Average Hobgood Assessed Value
$68,094
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 Hobgood, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | $20,470 | $49,160 | $68,094 | $96,754 | $151,281 |
Source: Ownwell
Property Tax Bills Across Hobgood, Edgecombe County, North Carolina
In Hobgood, Edgecombe County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For homeowners in Hobgood, the median home price is $68,094, and the property tax rate is applied to this value. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. The property tax bill can vary significantly among homeowners. For instance, the 25th percentile tax bill is around $600, while the 75th percentile reaches $1,130, and the 90th percentile can be as high as $1,776. Comparatively, the median property tax bill in Hobgood is $871, aligning closely with the national median property tax rate of 0.99%. This variability in tax bills means that homeowners need to be aware of how changes in property value and tax rates can impact their annual expenses.
Average Hobgood Tax Bill
$871
Average Edgecombe County Tax Bill
$709
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hobgood, Edgecombe County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27843 | $339 | $600 | $871 | $1,130 | $1,776 |
Source: Ownwell