Princeville, North Carolina Property Taxes
The median property tax rate in Princeville, NC is 1.56%, significantly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Princeville at $61,365, the typical annual property tax bill reaches $786, which is considerably lower than the national median of $2,690. Property taxes in Princeville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Princeville'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 Princeville 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
Princeville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$957
$888
Ownwell’s Princeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeville 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 Princeville, North Carolina
Property taxes in Princeville, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeville is 1.56%, significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Princeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeville 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 Princeville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27886 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Princeville 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 Princeville Tax Rate
1.56%
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 Princeville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | 0.81% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Princeville, North Carolina
In Princeville, 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. 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. In Princeville, the median home price is $61,365, with tax bills ranging from $339 at the 25th percentile to $1,394 at the 90th percentile. The zip code 27886 has the highest and lowest median tax bills at $786. 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 Princeville, North Carolina
Source: Ownwell
$54,253
$70,164
$86,074
Average Princeville Assessed Value
$61,365
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 Princeville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $11,286 | $24,760 | $61,365 | $80,828 | $97,064 |
Source: Ownwell
Property Tax Bills Across Princeville, North Carolina
In Princeville, Edgecombe County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For context, the median home price in Princeville is $61,365. Homeowners in this area experience tax bills that can vary significantly. The 25th percentile tax bill is around $339, while those in the 75th percentile pay approximately $1,170. At the higher end, the 90th percentile sees tax bills reaching up to $1,394. The property tax rate in Princeville can influence the financial burden on homeowners, especially when compared to the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can also impact the assessed value and, consequently, the tax bill. Understanding these elements is crucial for homeowners to anticipate their annual property tax obligations and manage their finances effectively.
Average Princeville Tax Bill
$786
Average Edgecombe County Tax Bill
$709
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $173 | $339 | $786 | $1,170 | $1,394 |
Source: Ownwell