Faison, North Carolina Property Taxes
The median property tax rate in Faison, NC is 0.90%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Faison at $78,578, the typical annual property tax bill is approximately $640, which is significantly less than the national median of $2,690. Property taxes in Faison are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Faison'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 Faison or another part of Sampson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Faison, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$707
Ownwell’s Faison Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Faison with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Faison to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. 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 Faison, North Carolina
Property taxes in Faison, 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 Faison is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Faison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Faison 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 Faison's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 28341 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Faison provides valuable insights into the varying tax landscape across Sampson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Faison Tax Rate
0.90%
Average Sampson County Tax Rate
0.92%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | 0.51% | 0.89% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Faison, North Carolina
In Faison, 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 Sampson 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 Faison, 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, the highest median tax bill in Faison is $640 in the 28341 zip code. 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 Faison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Faison Assessed Value
$78,578
Average Sampson County Assessed Value
$85,659
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | $24,141 | $42,886 | $78,578 | $140,496 | $262,791 |
Source: Ownwell
Property Tax Bills Across Faison, North Carolina
In Faison, NC, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined based on the market value of the property, which in Faison has a median home price of $78,578. The tax rate in Sampson County is applied to this assessed value to determine the annual property tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby affecting the tax bill. For homeowners in Faison, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $361, while at the 75th percentile, it rises to $1,109. At the 90th percentile, it can reach up to $1,787. These variations highlight how different factors impact the overall tax obligation. The highest and lowest median tax bills in the area both stand at $640, indicating some consistency in certain parts of the city. Understanding these factors can help homeowners anticipate and manage their property tax expenses more effectively.
Average Faison Tax Bill
$640
Average Sampson County Tax Bill
$790
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Faison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28341 | $195 | $361 | $640 | $1,109 | $1,787 |
Source: Ownwell