Rocky Mount, North Carolina Property Taxes
The median property tax rate in Rocky Mount, NC is 0.96%, 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 Rocky Mount at $66,768, the typical annual property tax bill amounts to $654, which is significantly below the national median of $2,690. Property taxes in Rocky Mount 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 Rocky Mount'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 Rocky Mount 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
Rocky Mount, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$641
$595
Ownwell’s Rocky Mount Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Rocky Mount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Mount to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Wilson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rocky Mount, North Carolina
Property taxes in Rocky Mount, 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 Rocky Mount is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Rocky Mount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Mount 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 Rocky Mount's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27803 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Rocky Mount provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rocky Mount Tax Rate
0.96%
Average Wilson County Tax Rate
1.30%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rocky Mount, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27803 | 0.72% | 0.93% | 0.96% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Mount, North Carolina
In Rocky Mount, 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 Wilson 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 Rocky Mount, 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 Rocky Mount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 27803, amounting to $654.00, which also happens to be the lowest median tax bill in the area.
Property Tax Assessment Values Across Rocky Mount, North Carolina
Source: Ownwell
$66,768
$107,800
$148,831
Average Rocky Mount Assessed Value
$66,768
Average Wilson County Assessed Value
$97,889
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rocky Mount, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27803 | $17,279 | $36,303 | $66,768 | $93,491 | $126,844 |
Source: Ownwell
Property Tax Bills Across Rocky Mount, North Carolina
In Rocky Mount, Wilson County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For instance, with a median home price of $66,768, homeowners can expect to see varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as the property's location within the county, any improvements made, and applicable exemptions all play a role in determining the final tax bill. In Rocky Mount, the 25th percentile tax bill stands at $410, while the 75th percentile reaches $910, and the 90th percentile hits $1,196. These figures indicate that tax bills can vary widely, affecting homeowners differently based on their property's value and specific circumstances. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Rocky Mount Tax Bill
$654
Average Wilson County Tax Bill
$1,033
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky Mount, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27803 | $193 | $410 | $654 | $910 | $1,196 |
Source: Ownwell