Falkland, North Carolina Property Taxes
The median property tax rate in Falkland, NC is 1.41%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Falkland, the typical annual property tax bill reaches $992, which is below the national median of $2,690. Property taxes in Falkland are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Falkland'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 Falkland or another part of Pitt County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Falkland, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$991
$920
Ownwell’s Falkland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falkland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falkland 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 Falkland, North Carolina
Property taxes in Falkland, 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 Falkland is 1.41%, which is significantly higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Falkland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falkland 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 Falkland's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27827 has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Falkland provides valuable insights into the varying tax landscape across Pitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falkland Tax Rate
1.41%
Average Pitt County Tax Rate
1.17%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falkland, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27827 | 1.41% | 1.41% | 1.41% | 1.44% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Falkland, North Carolina
In Falkland, 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 Pitt 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 Falkland, 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 Falkland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 27827 at $992, and the same zip code holds the lowest median tax bill at $992.
Property Tax Assessment Values Across Falkland, North Carolina
Source: Ownwell
$34,934
$102,645
$170,355
Average Falkland Assessed Value
$70,287
Average Pitt County Assessed Value
$124,775
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falkland, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27827 | $58,843 | $63,134 | $70,287 | $106,278 | $127,873 |
Source: Ownwell
Property Tax Bills Across Falkland, North Carolina
In Falkland, NC, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county and typically reflects a percentage of the market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $70,287 in Falkland, tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $905, while those in the 75th percentile might see bills as high as $1,498. For properties in the 90th percentile, tax bills can reach up to $1,802. These variations highlight how property value assessments and local tax rates directly impact the financial obligations of homeowners. Compared to the national median property tax rate of 0.99%, Falkland’s rates are competitive, offering a relatively manageable tax burden for its residents.
Average Falkland Tax Bill
$992
Average Pitt County Tax Bill
$1,320
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Falkland, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27827 | $852 | $905 | $992 | $1,498 | $1,802 |
Source: Ownwell