Norlina, North Carolina Property Taxes
The median property tax rate in Norlina, NC, is 1.04%, slightly above the national median of 0.99% and notably higher than the North Carolina state median of 0.82%. With the median home value in Norlina, the typical annual property tax bill amounts to $791, which is significantly less than the national median of $2,690. Property taxes in Norlina 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 Norlina'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 Norlina or another part of Vance County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norlina, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,041
Ownwell’s Norlina Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norlina with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norlina 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 Norlina, North Carolina
Property taxes in Norlina, 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 Norlina is 1.04%, higher than both the North Carolina state median of 0.84% and the U.S. national median of 0.99%. Local government entities within Norlina set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norlina 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 Norlina's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27563 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Norlina provides valuable insights into the varying tax landscape across Vance County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norlina Tax Rate
1.04%
Average Vance County Tax Rate
1.16%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norlina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27563 | 0.54% | 0.96% | 1.04% | 1.17% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Norlina, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Norlina, NC. 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 Vance 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 Norlina, 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 Norlina helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Norlina is 27563, both standing at $791.
Average Norlina Assessed Value
$100,054
Average Vance County Assessed Value
$63,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norlina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27563 | $32,052 | $55,948 | $100,054 | $139,260 | $187,118 |
Source: Ownwell
Property Tax Bills Across Norlina, North Carolina
In Norlina, located in Vance County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $100,054, homeowners in Norlina can expect their property tax bills to vary. The 25th percentile tax bill is around $559, while the 75th percentile tax bill reaches approximately $1,159. At the 90th percentile, the tax bill can be as high as $1,650. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Norlina’s tax rates reflect the local economic conditions and funding needs. This variability in tax bills means that homeowners must consider property taxes as a significant factor in their overall housing costs, impacting their financial planning and long-term investment in their homes.
Average Norlina Tax Bill
$791
Average Vance County Tax Bill
$757
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Norlina, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27563 | $455 | $559 | $791 | $1,159 | $1,650 |
Source: Ownwell