Key Biscayne, North Carolina Property Taxes
The median property tax rate in Key Biscayne, NC is 0.40%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Key Biscayne at $668,500, the typical annual property tax bill reaches $2,674, which is slightly below the national median of $2,690. Property taxes in Key Biscayne are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Key Biscayne'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 Key Biscayne 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
Key Biscayne, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,674
Ownwell’s Key Biscayne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Key Biscayne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Key Biscayne 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 Key Biscayne, North Carolina
Property taxes in Key Biscayne, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Key Biscayne is 0.40%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Key Biscayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Key Biscayne 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 Key Biscayne's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 33149 has both the highest and lowest median property tax rate of 0.40%. Understanding how these areas compare with Key Biscayne provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Key Biscayne Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Key Biscayne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Key Biscayne, North Carolina
In Key Biscayne, 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 Avery 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 Key Biscayne, 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 Key Biscayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 33149, with a tax bill of $2,674.
Property Tax Assessment Values Across Key Biscayne, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Key Biscayne Assessed Value
$668,500
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Key Biscayne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | $668,500 | $668,500 | $668,500 | $668,500 | $668,500 |
Source: Ownwell
Property Tax Bills Across Key Biscayne, North Carolina
In Key Biscayne, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value, which in Key Biscayne is influenced by factors such as location, property size, and market conditions. For instance, the median home price in this area is $668,500. The local tax rate is applied to this assessed value to calculate the annual tax bill. Homeowners in Key Biscayne can expect their property tax bills to be relatively uniform, with the 25th, 75th, and 90th percentiles all showing a tax bill of $2,674. This consistency indicates a stable tax environment. Compared to the national median property tax rate of 0.99%, Key Biscayne's tax rate results in a notable tax burden for homeowners, reflecting the higher property values in the area. Understanding these factors can help homeowners anticipate their annual expenses and budget accordingly.
Average Key Biscayne Tax Bill
$2,674
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Key Biscayne, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33149 | $2,674 | $2,674 | $2,674 | $2,674 | $2,674 |
Source: Ownwell