Example of Lenoir County Property Tax Calculation
Calculating Lenoir County Property Taxes is a straightforward process. The first step is to determine the assessed value of the property. This value is based on the fair market value of the property and is determined by the Lenoir County Tax Assessor's office.
Once the assessed value has been determined, the county applies a tax rate to calculate the property tax owed. The tax rate in Lenoir County is currently set at $0.6598 per $100 of assessed value. So, if the assessed value of a property is $100,000, the property tax owed would be $659.80.
It is important to note that Lenoir County offers certain exemptions and deductions that may lower the assessed value of the property, such as the Homestead Exemption for primary residences. Additionally, property owners who believe their assessed value is too high may file an appeal with the Lenoir County Tax Assessor's office.
Overall, calculating Lenoir County Property Taxes is a simple process that involves determining the assessed value of the property and applying the current tax rate.
If you want appeal your property tax assessment - contact your local tax assessor.
Lenoir County Property Tax Rates
Lenoir County Property Tax Rates
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.68 |
| City | $0.58 |
| Fire | $0.065 |
| School | $0.85 |
The Lenoir County property tax rates are as follows: the county tax rate is $0.68 per $100 of assessed value, the city tax rate is $0.58 per $100 of assessed value, the fire tax rate is $0.065 per $100 of assessed value, and the school tax rate is $0.85 per $100 of assessed value. It is important to note that these rates are subject to change and property owners should contact the Lenoir County Tax Office for the most current information.
Who sets property tax rates in Lenoir County ?
Who sets property tax rates in Lenoir County?
The Lenoir County Board of Commissioners sets property tax rates in Lenoir County.
When are property tax rates set in Lenoir County?
Property tax rates are typically set annually by the Board of Commissioners during the budget approval process. The budget is usually adopted in June or July of each year.
How are property tax rates determined in Lenoir County?
The property tax rates in Lenoir County are determined based on the County's budgetary needs and the assessed value of each property. The County may also consider any changes in state tax laws or other factors that may impact the tax rate.
What is the current property tax rate in Lenoir County?
The current property tax rate in Lenoir County for the 2021-2022 fiscal year is $0.705 per $100 of assessed value for real and personal property.
How can property owners pay their property taxes in Lenoir County?
Property owners in Lenoir County can pay their property taxes by mail, in person at the County tax office, or online through the County's website. It is important to note that failure to pay property taxes on time can result in penalties and interest charges.
Homestead exemptions in Lenoir County ?
To assist homeowners in Lenoir County, North Carolina, the following table outlines all county-specific Homestead exemptions and deductions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled Exemption | Must be 65 years or older or disabled as defined by Social Security | $25,000 off the appraised value of the property | Must apply by June 1; income limitations apply |
| Disabled Veteran Exemption | Must be a disabled veteran with an honorable discharge from the military | $45,000 off appraised value of the property | Must provide documentation of disability and honorable discharge |
| Veteran Exemption | Must have served in the military and received an honorable discharge | $45,000 off appraised value of the property | Must provide documentation of honorable discharge |
| Agricultural Exemption | Must have 10 acres or more of farmland used for agriculture | Exemption varies depending on use and value of the land | Must provide documentation of agricultural use |
| Present-Use Value Exemption | Must have at least 20 acres of land used for agricultural, horticultural, or forestry purposes | Exemption varies depending on use and value of the land | Must apply by January 31; must continue to use land for eligible purposes to maintain exemption |
| Property Tax Relief for the Elderly and Disabled | Must be at least 65 years old or disabled as defined by Social Security | Up to $30,000 in property value that is exempt from taxes | Must meet income limitations and apply by June 1; may need to reapply each year |
It is important to note that certain exemptions and deductions may have additional requirements or limitations. Homeowners should consult with the Lenoir County tax assessor's office for more information and to determine eligibility for these benefits.
When is Lenoir County Property Tax due ?
Lenoir 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 any late fees or penalties.
There are several payment methods available to taxpayers in Lenoir County. These include:
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In Person: Taxpayers can pay their property tax bill in person at the Lenoir County Tax Office, located at 101 N Queen St, Kinston, NC 28501.
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By Mail: Taxpayers can also mail in their payment to the Lenoir County Tax Office at the same address mentioned above.
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Online: Taxpayers can pay their property tax bill online using a credit or debit card. To do so, they should visit the Lenoir County Tax Office website and follow the instructions for online payments.
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By Phone: Taxpayers can make their payment over the phone by calling the Lenoir County Tax Office at (252) 526-3041.
It's important to note that if a taxpayer fails to pay their property taxes by the January 5th deadline, they will incur a 2% penalty in addition to interest charges. Therefore, it's highly recommended that taxpayers pay their taxes on time to avoid any unnecessary fees.
If you have more questions - contact your local tax collector.
How is Lenoir County Property Tax penalty calculated ?
Lenoir County Property Tax Penalty Calculation
If you own property in Lenoir County, North Carolina, it is important to stay up to date on your property tax payments. If you fail to pay your property taxes on time, you will be subject to penalties and interest charges.
The penalty for late payment of property taxes in Lenoir County is 2% per month, or part of a month, that the taxes are late. This penalty is capped at a maximum of 12% of the total amount owed. In addition to the penalty, interest is charged at an annual rate of 5% on the unpaid balance.
Here's an example of how the penalty is calculated:
Let's say that John Smith owns a property in Lenoir County and has an annual property tax bill of $2,000. His property tax is due on September 1st, but he fails to make the payment until December 15th.
First, the penalty is calculated for three months (September, October, and November) at a rate of 2% per month:
- September: $2,000 x 2% = $40
- October: $2,000 x 2% = $40
- November: $2,000 x 2% = $40
Total penalty for late payment: $120
Next, interest is charged on the unpaid balance of $2,000 for the period from September 1st to December 15th. This is a period of 3.5 months (September, October, November, and half of December). The interest rate is 5% per year, which is equal to 0.42% per month:
- Interest: $2,000 x 0.42% x 3.5 = $29.40
Total amount owed in penalties and interest: $149.40
So, in this example, John Smith would owe $2,149.40 in total for his late property tax payment.
It's important to note that the penalty and interest charges for late payment of property taxes in Lenoir County can add up quickly, so it's best to make sure that you pay your property taxes on time to avoid any unnecessary fees.
We recommend contacting the Lenoir County Tax Office or a local tax professional for the most up-to-date and accurate information.