Selma, North Carolina Property Taxes
The median property tax rate in Selma, NC is 0.81%, slightly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Selma at $128,050, the typical annual property tax bill is $1,170, which is below the national median of $2,690. Property taxes in Selma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Selma'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 Selma 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
Selma, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,037
$962
Ownwell’s Selma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Selma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Selma 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 Johnston County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Selma, North Carolina
Property taxes in Selma, 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 Selma is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Selma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Selma 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 Selma's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27576 has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Selma provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Selma Tax Rate
0.81%
Average Johnston County Tax Rate
0.81%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Selma, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27576 | 0.77% | 0.81% | 0.81% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Selma, North Carolina
In Selma, 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 Johnston County 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 Selma, 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 Selma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Selma is $1,170 in the 27576 zip code, while the lowest median tax bill is also $1,170 in the same zip code.
Average Selma Assessed Value
$128,050
Average Johnston County Assessed Value
$190,250
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Selma, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27576 | $57,870 | $86,280 | $128,050 | $190,090 | $266,374 |
Source: Ownwell
Property Tax Bills Across Selma, North Carolina
In Selma, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Johnston County tax assessor. The assessed value typically aims to reflect the market value of the property. The property tax rate for Selma is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $128,050, homeowners can expect varying tax bills depending on the specific characteristics and value of their property. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. The tax bill can range significantly; the 25th percentile tax bill is around $777, while the 75th percentile reaches $1,675. At the 90th percentile, homeowners may see tax bills as high as $2,191. These property taxes play a crucial role in funding local services such as schools, emergency services, and infrastructure, directly impacting the quality of life for Selma residents.
Average Selma Tax Bill
$1,170
Average Johnston County Tax Bill
$1,676
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Selma, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27576 | $541 | $777 | $1,170 | $1,675 | $2,191 |
Source: Ownwell