Bayboro, North Carolina Property Taxes
The median property tax rate in Bayboro, NC is 0.70%, 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 $87,577, the typical annual property tax bill in Bayboro reaches $697, significantly below the national median of $2,690. Property taxes in Bayboro are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Bayboro'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 Bayboro or another part of Pamlico County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bayboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$613
$569
Ownwell’s Bayboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bayboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bayboro 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 Bayboro, North Carolina
Property taxes in Bayboro, 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 Bayboro is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Bayboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bayboro 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 Bayboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28515 zip code has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Bayboro provides valuable insights into the varying tax landscape across Pamlico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayboro Tax Rate
0.70%
Average Pamlico County Tax Rate
0.69%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28515 | 0.66% | 0.68% | 0.70% | 0.97% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Bayboro, North Carolina
In Bayboro, 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 Pamlico 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 Bayboro, 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. Bayboro’s median home price is $87,577, with tax bills ranging from $402 at the 25th percentile to $1,843 at the 90th percentile. The highest and lowest median tax bills, both $697, are found in the 28515 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bayboro Assessed Value
$87,577
Average Pamlico County Assessed Value
$145,305
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28515 | $26,454 | $52,398 | $87,577 | $138,538 | $248,976 |
Source: Ownwell
Property Tax Bills Across Bayboro, North Carolina
Property tax bills in Bayboro, located in Pamlico 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 property. This value is then multiplied by the local tax rate to calculate the annual property tax bill. For instance, with a median home price of $87,577 in Bayboro, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $402, while the 75th percentile tax bill reaches $1,078. At the 90th percentile, homeowners could see tax bills as high as $1,843. These figures indicate that property taxes in Bayboro can have a considerable range, affecting homeowners differently based on their property values. Comparatively, the highest and lowest median tax bills in the area are both $697, suggesting a degree of consistency within certain zip codes. Understanding these factors is crucial for homeowners as they plan their finances and manage their property investments.
Average Bayboro Tax Bill
$697
Average Pamlico County Tax Bill
$1,045
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28515 | $192 | $402 | $697 | $1,078 | $1,843 |
Source: Ownwell