Severn, North Carolina Property Taxes
The median property tax rate in Severn, NC is 1.00%, 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 Severn at $101,664, the typical annual property tax bill reaches $1,059, which is still below the national median of $2,690. Property taxes in Severn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Severn'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 Severn or another part of Northampton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Severn, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,017
Ownwell’s Severn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Severn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Severn 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 Severn, North Carolina
Property taxes in Severn, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Severn is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Severn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Severn 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 Severn's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27877 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Severn 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 Severn Tax Rate
1.00%
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 Severn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27877 | 0.81% | 0.95% | 1.00% | 1.06% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Severn, North Carolina
In Severn, 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 Severn, 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 Severn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Severn is $101,664, with tax bills ranging from $547 at the 25th percentile to $1,680 at the 90th percentile. The zip code 27877 has the highest and lowest median tax bill at $1,059.
Average Severn Assessed Value
$101,664
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 Severn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27877 | $15,943 | $62,112 | $101,664 | $139,488 | $177,363 |
Source: Ownwell
Property Tax Bills Across Severn, North Carolina
Property tax bills in Severn, located in Northampton County, NC, are determined by assessing the value of a property and applying the local tax rate to that assessed value. The assessed value is typically a percentage of the market value of the property. For Severn, the median home price stands at $101,664. Homeowners can expect to pay property taxes based on this assessed value, with tax bills varying widely across different percentiles. For instance, the 25th percentile tax bill is approximately $547, while the 75th percentile tax bill is around $1,387. At the higher end, the 90th percentile tax bill reaches up to $1,680. These figures illustrate how property taxes can significantly impact homeowners, depending on the assessed value of their property and the applicable tax rate. Notably, the highest and lowest median tax bills in the area are both $1,059, indicating a certain level of consistency in property tax assessments within specific zip codes. Comparing these figures to the national median property tax rate of 0.99% helps homeowners understand their relative tax burden.
Average Severn Tax Bill
$1,059
Average Northampton County Tax Bill
$808
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Severn, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27877 | $340 | $547 | $1,059 | $1,387 | $1,680 |
Source: Ownwell