Gibson, North Carolina Property Taxes
The median property tax rate in Gibson, NC is 1.23%, 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 Gibson, the typical annual property tax bill reaches $544, which is below the national median of $2,690. Property taxes in Gibson 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 Gibson'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 Gibson 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
Gibson, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$532
$494
Ownwell’s Gibson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibson 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 Gibson, North Carolina
Property taxes in Gibson, 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 Gibson is 0.78%, lower than both the North Carolina state median of 0.84% and the U.S. national median of 0.99%. Local government entities within Gibson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibson 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 Gibson's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28343 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Gibson provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibson Tax Rate
1.23%
Average Scotland County Tax Rate
1.11%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28343 | 0.78% | 1.04% | 1.23% | 1.77% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Gibson, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gibson, North Carolina. 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 Scotland 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. 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 Gibson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 28343 has both the highest and lowest median tax bill at $544, reflecting the uniformity in the tax burden across the region.
Average Gibson Assessed Value
$43,270
Average Scotland County Assessed Value
$54,325
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28343 | $9,158 | $17,300 | $43,270 | $72,860 | $130,440 |
Source: Ownwell
Property Tax Bills Across Gibson, North Carolina
Property tax bills in Gibson, located in Scotland County, NC, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Gibson face a property tax rate that, while varying slightly, aligns with the county's overall rate structure. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Gibson is $43,270. Based on this value, homeowners can expect property tax bills that range significantly. At the 25th percentile, the tax bill is approximately $233, while at the 75th percentile, it rises to about $927. The 90th percentile sees tax bills reaching up to $1,577. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these bills are calculated helps homeowners plan their finances and anticipate annual expenses.
Average Gibson Tax Bill
$544
Average Scotland County Tax Bill
$594
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibson, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28343 | $131 | $233 | $544 | $927 | $1,577 |
Source: Ownwell