Smithfield, North Carolina Property Taxes
The median property tax rate in Smithfield, 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 Smithfield at $149,890, the typical annual property tax bill reaches $1,414, which is below the national median of $2,690. Property taxes in Smithfield are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Smithfield'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 Smithfield 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
Smithfield, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,214
-$12,724
Ownwell’s Smithfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Smithfield with just two key pieces of information. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Smithfield to provide an estimated property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, additional localized insights are available below. Your property's assessed value, determined by Johnston County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Smithfield, North Carolina
Property taxes in Smithfield, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27577 has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Smithfield 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 Smithfield 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 Smithfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27577 | 0.77% | 0.77% | 0.81% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, North Carolina
In Smithfield, 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 Johnston 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 Smithfield, 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 27577 has the highest and lowest median tax bill at $1,414.
Property Tax Assessment Values Across Smithfield, North Carolina
Source: Ownwell
$91,150
$173,400
$255,650
Average Smithfield Assessed Value
$149,890
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 Smithfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27577 | $67,416 | $102,345 | $149,890 | $211,960 | $284,260 |
Source: Ownwell
Property Tax Bills Across Smithfield, North Carolina
In Smithfield, located in Johnston County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor's office and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For homeowners in Smithfield, the median home price is $149,890. Property tax bills can vary significantly, with the 25th percentile at $972 and the 75th percentile reaching $2,001. At the 90th percentile, tax bills can go up to $2,581. The highest median tax bill in the area is $1,414, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners should be aware of these factors as they directly impact their annual expenses and the overall affordability of their homes.
Average Smithfield Tax Bill
$1,414
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 Smithfield, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27577 | $607 | $972 | $1,414 | $2,001 | $2,581 |
Source: Ownwell