Newport, North Carolina Property Taxes
The median property tax rate in Newport, NC is 0.58%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Newport at $203,500, the typical annual property tax bill reaches $1,131, significantly below the national median of $2,690. Property taxes in Newport 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 Newport'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 Newport 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
Newport, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$1,180
Ownwell’s Newport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newport 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 Newport, North Carolina
Property taxes in Newport, NC, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Newport is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Newport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newport 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 Newport's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 37821 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Newport provides valuable insights into the varying tax landscape across Haywood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newport Tax Rate
0.58%
Average Haywood County Tax Rate
0.67%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | 0.44% | 0.56% | 0.58% | 0.61% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Newport, North Carolina
In Newport, 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 Haywood 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 Newport, 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 Newport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 37821, at $1,131, while the lowest is also 37821, at $1,131.
Property Tax Assessment Values Across Newport, North Carolina
Source: Ownwell
$162,350
$296,500
$430,650
Average Newport Assessed Value
$203,500
Average Haywood County Assessed Value
$194,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $137,540 | $148,150 | $203,500 | $280,150 | $375,160 |
Source: Ownwell
Property Tax Bills Across Newport, North Carolina
In Newport, NC, property tax bills are determined by the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value, reflecting what the property might sell for under current market conditions. Local tax authorities then apply a tax rate to this assessed value to calculate the annual property tax bill. For homeowners in Newport, the median home price stands at $203,500. Property tax bills can vary significantly, with the 25th percentile tax bill at $926 and the 75th percentile at $1,624. At the higher end, the 90th percentile tax bill reaches $2,166. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates can influence overall tax obligations. These tax bills impact homeowners by influencing their monthly mortgage payments and overall cost of homeownership. Understanding how these factors interplay helps residents budget effectively and plan for their financial future.
Average Newport Tax Bill
$1,131
Average Haywood County Tax Bill
$1,259
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Newport, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37821 | $673 | $926 | $1,131 | $1,624 | $2,166 |
Source: Ownwell