Example of Craven County Property Tax Calculation
In Craven County, the property tax calculation is based on the assessed value of the property. The assessed value is determined by the county tax assessor based on the property's market value and other factors such as improvements and renovations.
To calculate the property tax, the assessed value is multiplied by the tax rate. The tax rate is set by the county government and varies depending on the location and property type. For example, in Craven County, the tax rate for residential properties is currently $0.57 per $100 of assessed value.
Let's take an example of a residential property in Craven County with an assessed value of $100,000. The property tax calculation would be:
$100,000 (assessed value) x $0.57 (tax rate) = $570 (property tax)
Therefore, the annual property tax for this residential property in Craven County would be $570.
It's important to note that property taxes are used to fund local government services like schools, roads, and public safety. Property owners in Craven County are responsible for paying their property taxes annually by January 5th to avoid penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Craven County Property Tax Rates
The following table outlines the current Craven County Property Tax rates based on assessed value:
|Type of Tax||Rate per $100 of Assessed Value|
|County General Tax||$0.515|
|Fire District Tax||Varies by district|
|Municipal Tax||Varies by municipality|
It is important to note that fire district and municipal taxes vary depending on the specific district or municipality in which the property is located. It is recommended to consult with the appropriate authorities or a qualified tax advisor for more information on specific rates and requirements.
Who sets property tax rates in Craven County ?
Who sets property tax rates in Craven County?
The property tax rates in Craven County are set by the Craven County Board of Commissioners. The Board is made up of seven elected officials who are responsible for setting the county's budget and approving tax rates.
When are property tax rates set in Craven County?
The property tax rates in Craven County are typically set annually in June or July. During this time, the Board of Commissioners holds public meetings to discuss and approve the budget for the upcoming fiscal year, which includes setting the property tax rates.
It's worth noting that property tax rates can vary from year to year depending on a variety of factors, such as changes in property values, changes in the county's budget needs, and changes in state laws related to property taxation.
Overall, if you own property in Craven County, it's important to keep up-to-date on any changes to the property tax rates and how they may impact your finances. You can find more information on the Craven County website or by contacting the county's tax office directly.
Homestead exemptions in Craven County ?
In Craven County, North Carolina, there are several Homestead exemptions and deductions available for eligible residents. Here are the details of each exemption and deduction, including eligibility criteria and exemption amounts:
|Elderly or Disabled Homestead Exclusion||65 or older, or totally and permanently disabled||Up to $25,000||Applies to owner-occupied primary residence|
|Disabled Veteran Exclusion||Honorably discharged disabled veteran||Up to $45,000||Applies to owner-occupied primary residence|
|Surviving Spouse of Firefighter or Rescue Squad Worker||Surviving spouse of firefighter or rescue squad worker killed in the line of duty||Up to $30,000||Applies to owner-occupied primary residence|
|Circuit Breaker Tax Deferment||65 or older, or totally and permanently disabled, or qualified for the Elderly or Disabled Homestead Exclusion||Deferred tax payments||Available for those who meet income and asset limits|
- To claim any of the exemptions or deductions listed above, the individual must own and live in the primary residence.
- The amount of the exemption or deduction may vary based on the individual's specific circumstances.
- Eligibility criteria may change depending on local laws and regulations.
Overall, Craven County provides several Homestead exemptions and deductions to eligible residents to help reduce their property tax burden. It's important for individuals to check with their local government to ensure they are taking advantage of all available exemptions and deductions.
When is Craven County Property Tax due ?
Craven County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay their taxes without incurring penalties.
Here are the payment methods available for Craven County Property Tax:
|Online||Taxpayers can pay their property taxes online by visiting the Craven County website and clicking the "Pay Taxes Online" button. They will need their property ID number and tax bill number to complete the transaction.|
|Taxpayers can mail their property tax payment to the Craven County Tax Office using the return envelope included with their tax bill.|
|In Person||Taxpayers can pay their property taxes in person at the Craven County Tax Office located at 226 Pollock Street, New Bern, NC 28560. Office hours are Monday through Friday from 8:00am to 5:00pm.|
It's important to note that if a taxpayer is unable to pay their property taxes by the due date, they can contact the Craven County Tax Office to set up a payment plan. This can help them avoid penalties and interest on their overdue taxes.
If you have more questions - contact your local tax collector.
How is Craven County Property Tax penalty calculated ?
Craven County Property Tax Penalty Calculation
If a property owner fails to pay their property taxes by the due date, they will be subject to a penalty. In Craven County, North Carolina, the penalty calculation is as follows:
- A penalty of 2% is added to the unpaid tax amount on the first day after the due date.
- An additional penalty of ¾% is added on the first day of each month thereafter until the taxes are paid.
For example, if a property owner had a property tax bill of $2,500 due on September 1st and did not pay until November 30th, their penalty would be calculated as follows:
- 2% penalty on $2,500 = $50 (added on September 2nd)
- ¾% penalty (for October) on $2,500 + $50 = $19.38 (added on November 1st)
- ¾% penalty (for November) on $2,500 + $50 + $19.38 = $19.68 (added on December 1st)
The total penalty in this scenario would be $88.06, in addition to the original tax amount of $2,500. It's important for property owners in Craven County to pay their property taxes on time to avoid penalties and additional fees.
We recommend contacting the Craven County Tax Office or a local tax professional for the most up-to-date and accurate information.