Tarboro, North Carolina Property Taxes
The median property tax rate in Tarboro, NC is 0.95%, 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 $78,740 in Tarboro, the typical annual property tax bill amounts to $806, which is significantly less than the national median of $2,690. Property taxes in Tarboro are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Tarboro's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Tarboro or another part of the city, a thorough grasp of the local property tax system will be beneficial.
Last Updated June 14, 2024
Tarboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$748
Ownwell’s Tarboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tarboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tarboro 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 Tarboro, North Carolina
Property taxes in Tarboro, North Carolina, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Tarboro is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Tarboro set these rates annually, and they can vary across different neighborhoods. Each year, Tarboro 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 Tarboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27886 has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Tarboro 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 Tarboro Tax Rate
0.95%
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 Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | 0.95% | 0.95% | 0.95% | 1.13% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Tarboro, North Carolina
In Tarboro, 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 Tarboro, 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 Tarboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $78,740, with tax bills ranging from $498 at the 25th percentile to $1,727 at the 90th percentile. The zip code 27886 has the highest and lowest median tax bill of $806.
Average Tarboro Assessed Value
$78,740
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 Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $29,410 | $50,820 | $78,740 | $121,970 | $172,467 |
Source: Ownwell
Property Tax Bills Across Tarboro, North Carolina
In Tarboro, located in Edgecombe County, NC, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Tarboro is $78,740, which serves as a basis for calculating the property tax. Homeowners can expect their tax bills to vary depending on several factors, including the assessed value of their property and the specific tax rate set by the local government. The tax bill for the 25th percentile is $498, while it rises to $1,224 for the 75th percentile and reaches $1,727 for the 90th percentile. This variation highlights how different property values and assessments can influence the final tax amount. Compared to the national median property tax rate of 0.99%, Tarboro's property taxes offer a relatively affordable option for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Tarboro Tax Bill
$806
Average Edgecombe County Tax Bill
$709
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Tarboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27886 | $304 | $498 | $806 | $1,224 | $1,727 |
Source: Ownwell