Cofield, North Carolina Property Taxes
The median property tax rate in Cofield, NC is 1.34%, 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 Cofield at $48,381, the typical annual property tax bill reaches $600, which is below the national median of $2,690. Property taxes in Cofield 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 Cofield'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 Cofield or another part of Hertford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cofield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$648
$602
Ownwell’s Cofield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cofield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cofield 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 Cofield, North Carolina
Property taxes in Cofield, 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 Cofield is 1.34%, which is significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Cofield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cofield 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 Cofield's effective property tax rate to other areas in Hertford County and the national median. For comparison, the zip code 27922 has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Cofield provides valuable insights into the varying tax landscape across Hertford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cofield Tax Rate
1.34%
Average Hertford County Tax Rate
1.29%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cofield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27922 | 0.76% | 0.93% | 1.34% | 1.34% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Cofield, North Carolina
In Cofield, 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 Hertford 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 Cofield, 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. For instance, in Cofield, the median home price stands at $48,381. The tax bill at the 25th percentile is $314, while at the 75th percentile, it is $1,000. The highest median tax bill in the area is $600 in the 27922 zip code. 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 Cofield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cofield Assessed Value
$48,381
Average Hertford County Assessed Value
$63,714
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cofield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27922 | $11,956 | $22,191 | $48,381 | $92,496 | $148,583 |
Source: Ownwell
Property Tax Bills Across Cofield, North Carolina
In Cofield, located in Hertford County, NC, property tax bills are calculated based on the assessed value of a property. The median home price in Cofield is $48,381, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. For homeowners, understanding these factors is crucial as they directly impact the annual tax bill. In Cofield, the property tax bill can range significantly. The 25th percentile tax bill is $314, while the 75th percentile tax bill is $1,000. At the 90th percentile, homeowners might face a tax bill as high as $1,476. These variations highlight the importance of accurate property assessments and the potential financial impact on homeowners. Compared to the national median property tax rate of 0.99%, Cofield's tax bills can be relatively manageable, but they can still place a significant burden on property owners, emphasizing the need for careful financial planning.
Average Cofield Tax Bill
$600
Average Hertford County Tax Bill
$793
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cofield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27922 | $127 | $314 | $600 | $1,000 | $1,476 |
Source: Ownwell