Midway Park, North Carolina Property Taxes
The median property tax rate in Midway Park, NC is 0.66%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $90,896 in Midway Park, the typical annual property tax bill is around $594, significantly less than the national median of $2,690. Property taxes in Midway Park are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Midway Park's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Midway Park or another part of Onslow County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Midway Park, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$600
$557
Ownwell’s Midway Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway Park 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 Midway Park, North Carolina
Property taxes in Midway Park, 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 Midway Park is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Midway Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway Park 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 Midway Park's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28544 has the highest median property tax rate of 0.66%, while the lowest median tax rate is also found in the same zip code at 0.66%. Understanding how these areas compare with Midway Park provides valuable insights into the varying tax landscape across Onslow County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Park Tax Rate
0.66%
Average Onslow County Tax Rate
0.66%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway Park, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28544 | 0.65% | 0.65% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Midway Park, North Carolina
In Midway Park, 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 Onslow 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. 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 Midway Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28544 has the highest and lowest median tax bill, both at $594.
Property Tax Assessment Values Across Midway Park, North Carolina
Source: Ownwell
$90,896
$331,440
$571,984
Average Midway Park Assessed Value
$90,896
Average Onslow County Assessed Value
$189,006
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway Park, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28544 | $11,500 | $18,858 | $90,896 | $152,716 | $175,384 |
Source: Ownwell
Property Tax Bills Across Midway Park, North Carolina
Property tax bills in Midway Park, Onslow County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For instance, with a median home price of $90,896, homeowners can expect their property tax bill to be influenced by this valuation. The local tax rate is applied to the assessed value to calculate the tax bill. In Midway Park, the tax bill varies significantly, with the 25th percentile at $124 and the 75th percentile at $977. The highest median tax bill in the area is $594, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting homeowners' quality of life. Understanding how these factors interplay helps homeowners anticipate their tax obligations and plan accordingly.
Average Midway Park Tax Bill
$594
Average Onslow County Tax Bill
$1,414
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway Park, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28544 | $75 | $124 | $594 | $977 | $1,131 |
Source: Ownwell