Mount Olive, North Carolina Property Taxes
The median property tax rate in Mount Olive, NC is 0.89%, slightly below the national median of 0.99% but higher than the North Carolina state median of 0.82%. With a median home value of $98,517 in Mount Olive, the typical annual property tax bill amounts to $811, which is significantly lower than the national median of $2,690. Property taxes in Mount Olive are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mount Olive'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 Mount Olive or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Olive, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$877
$814
Ownwell’s Mount Olive Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Olive with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Olive 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 Mount Olive, North Carolina
Property taxes in Mount Olive, North Carolina, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28365 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Mount Olive 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 Mount Olive Tax Rate
0.89%
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 Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | 0.69% | 0.88% | 0.89% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, North Carolina
In Mount Olive, 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 Mount Olive, 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 Mount Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $811 in the 28365 zip code, while the lowest is also $811, reflecting a consistent tax environment. With median home prices around $98,517, Mount Olive homeowners can leverage this knowledge to ensure fair property tax assessments.
Property Tax Assessment Values Across Mount Olive, North Carolina
Source: Ownwell
$57,254
$195,731
$334,207
Average Mount Olive Assessed Value
$98,517
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 Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | $33,526 | $48,268 | $98,517 | $171,977 | $228,473 |
Source: Ownwell
Property Tax Bills Across Mount Olive, North Carolina
In Mount Olive, NC, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county and is intended to reflect the market value of the property. Homeowners in Mount Olive can expect a range of property tax bills, with the 25th percentile at $405 and the 75th percentile reaching $1,412. The 90th percentile tax bill is $1,759, showing significant variation based on property value and location. The median home price in Mount Olive is $98,517, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Mount Olive's rates can be considered moderate. Factors such as property improvements, neighborhood development, and changes in the local tax rate can also impact the final tax bill. For homeowners, understanding these factors is crucial as they directly affect annual tax obligations and overall housing costs. The highest and lowest median tax bills in the area both stand at $811, providing a benchmark for what homeowners might expect to pay.
Average Mount Olive Tax Bill
$811
Average Sampson County Tax Bill
$790
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28365 | $252 | $405 | $811 | $1,412 | $1,759 |
Source: Ownwell