Merritt, North Carolina Property Taxes
The median property tax rate in Merritt, NC is 0.69%, 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 $183,818 in Merritt, the typical annual property tax bill amounts to $1,230, which is significantly below the national median of $2,690. Property taxes in Merritt are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Merritt'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 Merritt or elsewhere in the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merritt, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,268
$1,177
Ownwell’s Merritt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merritt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merritt 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 Merritt, North Carolina
Property taxes in Merritt, 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 Merritt is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Merritt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merritt 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 Merritt's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28556 has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Merritt 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 Merritt Tax Rate
0.69%
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 Merritt, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28556 | 0.67% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Merritt, North Carolina
In Merritt, 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 Merritt, 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. For instance, the highest median tax bill in Merritt's zip code 28556 is $1,230, which is significantly lower than the national median property tax rate of 0.99%. Being aware of these valuation processes in Merritt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Merritt Assessed Value
$183,818
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 Merritt, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28556 | $53,620 | $94,849 | $183,818 | $289,558 | $393,324 |
Source: Ownwell
Property Tax Bills Across Merritt, North Carolina
In Merritt, Pamlico County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Merritt experience a range of property tax bills, with the 25th percentile at $635 and the 75th percentile at $1971, indicating variability depending on property values and specific tax rates applied. To calculate the tax bill, the assessed value of the home is multiplied by the local tax rate. This ensures that properties with higher market values contribute more in taxes. For example, homeowners in the 90th percentile pay around $2677 annually. The highest median tax bill in Merritt is $1230, a figure that provides a benchmark for comparison within the area. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners should be aware of their assessed property values and local tax rates to understand their tax obligations and potential for appeal or exemption.
Average Merritt Tax Bill
$1,230
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 Merritt, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28556 | $331 | $635 | $1,230 | $1,971 | $2,677 |
Source: Ownwell