Morrisville, North Carolina Property Taxes
The median property tax rate in Morrisville, NC is 1.06%, which is higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $344,983 in Morrisville, the typical annual property tax bill reaches $3,619, surpassing the national median of $2,690. Property taxes in Morrisville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Morrisville'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 Morrisville 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
Morrisville, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$3,657
Ownwell’s Morrisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrisville 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 Morrisville, North Carolina
Property taxes in Morrisville, 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 Morrisville is 1.06%, which is higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Morrisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrisville 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 Morrisville's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27560 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Morrisville provides valuable insights into the varying tax landscape across Wake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrisville Tax Rate
1.06%
Average Wake County Tax Rate
1.10%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrisville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27560 | 1.01% | 1.05% | 1.06% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Morrisville, North Carolina
In Morrisville, 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 Wake 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 Morrisville, 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 Morrisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3619 in the 27560 zip code, which also has the lowest median tax bill at $3619.
Property Tax Assessment Values Across Morrisville, North Carolina
Source: Ownwell
$174,058
$394,571
$615,084
Average Morrisville Assessed Value
$344,983
Average Wake County Assessed Value
$302,078
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrisville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27560 | $218,474 | $270,572 | $344,983 | $420,591 | $503,054 |
Source: Ownwell
Property Tax Bills Across Morrisville, North Carolina
Property tax bills in Morrisville, located in Wake 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 is meant to reflect the market value of the property. For Morrisville, the median home price is $344,983. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, homeowners in Morrisville can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,853 and the 75th percentile reaching $4,424. The 90th percentile tax bill can go up to $5,242. The highest and lowest median tax bills in Morrisville are both $3,619, which is above the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Morrisville.
Average Morrisville Tax Bill
$3,619
Average Wake County Tax Bill
$3,098
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrisville, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27560 | $2,250 | $2,853 | $3,619 | $4,424 | $5,242 |
Source: Ownwell