Grantsboro, North Carolina Property Taxes
The median property tax rate in Grantsboro, NC is 0.70%, which is significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $104,718 in Grantsboro, the typical annual property tax bill amounts to $701, well below the national median of $2,690. Property taxes in Grantsboro are determined based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Grantsboro's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Grantsboro or investing in the area, gaining insight into the local property tax framework can be highly beneficial.
Last Updated June 14, 2024
Grantsboro, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$733
Ownwell’s Grantsboro Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Grantsboro. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Grantsboro to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value, as determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Grantsboro, North Carolina
Property taxes in Grantsboro, 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 Grantsboro is 0.70%, which is lower than both the North Carolina state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Grantsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grantsboro 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 Grantsboro's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28529 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Grantsboro 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 Grantsboro 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 Grantsboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28529 | 0.67% | 0.67% | 0.70% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Grantsboro, North Carolina
In Grantsboro, 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 Grantsboro, 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. For instance, in the zip code 28529, the median tax bill stands at $701. 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 Grantsboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Grantsboro, North Carolina
Source: Ownwell
$7,506
$116,946
$226,386
Average Grantsboro Assessed Value
$104,718
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 Grantsboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28529 | $30,100 | $61,048 | $104,718 | $164,400 | $250,095 |
Source: Ownwell
Property Tax Bills Across Grantsboro, North Carolina
In Grantsboro, located in Pamlico County, NC, property tax bills are calculated based on the assessed value of a home. 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 determine the annual tax bill. For example, with a median home price of $104,718, homeowners in Grantsboro can expect their property tax bills to vary. At the 25th percentile, the tax bill is around $395, while at the 75th percentile, it rises to $1,153. At the 90th percentile, it can reach $1,728. These variations highlight how different factors, such as property size, location, and improvements, influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Grantsboro experience a range of tax bills that reflect the local tax rate and assessed property values, impacting their overall financial planning and homeownership costs.
Average Grantsboro Tax Bill
$701
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 Grantsboro, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28529 | $192 | $395 | $701 | $1,153 | $1,728 |
Source: Ownwell