Margarettsville, North Carolina Property Taxes
The median property tax rate in Margarettsville, NC is 1.05%, slightly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Margarettsville, the typical annual property tax bill reaches $723, which is significantly lower than the national median of $2,690. Property taxes in Margarettsville 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 Margarettsville'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 Margarettsville 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
Margarettsville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$631
Ownwell’s Margarettsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Margarettsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Margarettsville 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 Margarettsville, North Carolina
Property taxes in Margarettsville, 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 Margarettsville stands at 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Margarettsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Margarettsville 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 Margarettsville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27853 has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Margarettsville provides valuable insights into the varying tax landscape across Northampton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Margarettsville Tax Rate
1.05%
Average Northampton County Tax Rate
1.04%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Margarettsville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | 0.75% | 0.87% | 1.05% | 1.22% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Margarettsville, North Carolina
In Margarettsville, 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 Northampton 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 Margarettsville, 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 Margarettsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $723.00, found in zip code 27853.
Property Tax Assessment Values Across Margarettsville, North Carolina
Source: Ownwell
$13,345
$187,955
$362,565
Average Margarettsville Assessed Value
$60,100
Average Northampton County Assessed Value
$67,893
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Margarettsville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | $3,217 | $18,226 | $60,100 | $111,497 | $196,352 |
Source: Ownwell
Property Tax Bills Across Margarettsville, North Carolina
In Margarettsville, located in Northampton County, NC, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $60,100. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in Margarettsville may see tax bills ranging from $341 at the 25th percentile to $1,724 at the 90th percentile. The median tax bill in the area is $723, which is relatively modest compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding their property tax bill is crucial as it affects their annual budgeting and overall financial planning. Keeping track of these factors can help homeowners anticipate changes in their tax obligations and seek potential savings through appeals or exemptions.
Average Margarettsville Tax Bill
$723
Average Northampton County Tax Bill
$808
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Margarettsville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27853 | $47 | $341 | $723 | $1,031 | $1,724 |
Source: Ownwell