Example of Pitt County Property Tax Calculation
Pitt County Property Taxes are calculated based on the assessed value of the property. The assessed value is calculated by the county tax assessor's office and is based on the property's market value, plus any improvements made to the property.
For example, if a property in Pitt County is assessed at a market value of $100,000 and has an additional $20,000 in improvements, the assessed value would be $120,000.
To determine the property tax amount, the assessed value is then multiplied by the county's tax rate. As of 2021, Pitt County's tax rate is $0.73 per $100 of assessed value.
Using the previous example of a property with an assessed value of $120,000, the property tax would be calculated as follows: ($120,000 รท 100) x $0.73 = $876.00
Therefore, the property owner would owe $876.00 in property taxes for the year. It is important to note that Pitt County's tax rates can change from year to year, so it's essential to keep track of any updates or changes.
If you want appeal your property tax assessment - contact your local tax assessor.
Pitt County Property Tax Rates
The following table lists the Pitt County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.81 |
| Personal Property | $1.47 |
| Motor Vehicles | $0.755 |
Please note that these rates are subject to change and residents should reach out to the Pitt County Tax Office for the most up-to-date information.
Who sets property tax rates in Pitt County ?
The property tax rates in Pitt County are set by the Pitt County Board of Commissioners. This board is made up of elected officials who are responsible for making decisions on behalf of the county. The process of setting property tax rates typically takes place once a year, during budget season. At that time, the commissioners review the county's financial needs and determine how much money is required to fund various services and programs. Based on this information, they set a tax rate that will generate the necessary revenue. Property tax rates in Pitt County vary depending on location and property type. To learn more about property taxes in Pitt County, individuals can visit the county assessor's office or consult with a tax advisor.
Homestead exemptions in Pitt County ?
Pitt County, located in North Carolina, offers several Homestead exemptions and deductions to eligible individuals. To make it easier for you to understand, we have created a table with columns for exemption, eligibility, amount, and notes. Here's a breakdown of each category:
Exemptions
Homestead exemptions are a tax relief program that allows homeowners to reduce their property taxes by excluding a portion of their property's assessed value. Pitt County offers the following Homestead exemptions:
| Exemption Type | Description |
|---|---|
| Elderly/Disabled Homestead Exemption | Available to homeowners who are 65 years old or older or who have a disability. The exemption reduces the assessed value of the property by $25,000. |
| Disabled Veteran Homestead Exemption | Available to disabled veterans who have a permanent and total disability that is service-connected. The exemption reduces the assessed value of the property by $45,000. |
| Circuit Breaker Homestead Exemption | Available to homeowners who are 65 years old or older, have a disability, or have a total income that does not exceed the limit set by the state. The exemption reduces the property's assessed value by the amount that exceeds 4% of their income. |
Deductions
In addition to Homestead exemptions, Pitt County also offers deductions that allow eligible individuals to reduce their property taxes. Here are some deductions available in Pitt County:
| Deduction Type | Description |
|---|---|
| Elderly/Disabled Personal Property Tax Relief | Available to homeowners who are 65 years old or older or who have a disability. The deduction reduces the amount of personal property taxes owed. |
| Disabled Veteran Personal Property Tax Relief | Available to disabled veterans who have a permanent and total disability that is service-connected. The deduction reduces the amount of personal property taxes owed. |
Notes
- To be eligible for Homestead exemptions or deductions, individuals must meet certain criteria and submit an application to the county.
- The amount of the exemption or deduction is subtracted from the assessed value of the property before property taxes are calculated.
- Homestead exemptions are not available on rental properties or second homes.
- For more information about Homestead exemptions and deductions in Pitt County, individuals can contact their local tax assessor's office.
When is Pitt County Property Tax due ?
Pitt 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 property taxes without incurring any interest or penalties.
There are several ways to pay Pitt County Property Tax:
| Payment Method | Details |
|---|---|
| Taxpayers can mail a check or money order to the Pitt County Tax Collector's Office. The mailing address is located on the tax bill. | |
| In Person | Taxpayers can pay in person at the Pitt County Tax Collector's Office located in the Pitt County Office Building. Cash, check, and money order are accepted. |
| Online | Taxpayers can pay online using a credit or debit card. There is a convenience fee for this service. |
| Automatic Bank Draft | Taxpayers can set up automatic bank draft payments by completing the necessary form and submitting it to the Tax Collector's Office. |
It is important to note that failure to pay property taxes by the January 5th deadline will result in a penalty and interest being added to the amount owed. Therefore, taxpayers are encouraged to make their payments on time to avoid additional fees.
If you have more questions - contact your local tax collector.
How is Pitt County Property Tax penalty calculated ?
To calculate the Pitt County Property Tax penalty, follow these steps:
-
Determine the due date for property taxes in Pitt County. The due date is usually January 5th of the following year of assessment.
-
If the taxes are not paid on or before the due date, a penalty will be added to the tax bill. The penalty is 10% of the unpaid taxes.
-
Interest will also accrue on the unpaid taxes at a rate of 2% per month until the taxes are paid in full.
Here's an example to help illustrate:
Let's say that John owns a property in Pitt County and his property tax bill for the year is $2,000. The due date for the property tax payment is January 5th of the following year of assessment.
If John fails to pay the property taxes by January 5th, he would incur a penalty of 10% on the $2,000, which would be $200. Additionally, interest would accrue at a rate of 2% per month until the taxes are paid in full.
If John were to pay his property taxes on February 5th, he would owe $2,200 ($2,000 + $200 penalty) plus an additional 2% interest on the unpaid taxes for the month of January. If he waited until March 5th, he would owe $2,240 ($2,000 + $200 penalty + $40 interest). The longer he waits to pay, the higher the penalty and interest will become.
It's important for property owners in Pitt County to pay their property taxes on time to avoid penalties and interest charges.
We recommend contacting the Pitt County Tax Office or a local tax professional for the most up-to-date and accurate information.