Oak Island, North Carolina Property Taxes
The median property tax rate in Oak Island, NC is 0.31%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $512,620 in Oak Island, the typical annual property tax bill amounts to $1,595, which is well below the national median of $2,690. Property taxes in Oak Island are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Oak Island's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Oak Island or another area within Brunswick County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Island, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$1,589
Ownwell’s Oak Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Island 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 Oak Island, North Carolina
Property taxes in Oak Island, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Island is 0.31%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Oak Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Island 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 Oak Island's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in Brunswick County is significantly higher, while the lowest median tax rate is considerably lower. Understanding how these cities compare with Oak Island provides valuable insights into the varying tax landscape across Brunswick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Island Tax Rate
0.31%
Average Brunswick County Tax Rate
0.43%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28461 | N/A | N/A | N/A | N/A | N/A |
| 28465 | 0.26% | 0.29% | 0.31% | 0.34% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Oak Island, North Carolina
In Oak Island, 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 Brunswick 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 Oak Island, 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 Oak Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 28465, where the median bill is $1,596, which is significantly lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Oak Island, North Carolina
Source: Ownwell
$90,960
$529,140
$967,320
Average Oak Island Assessed Value
$512,620
Average Brunswick County Assessed Value
$338,175
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28461 | N/A | N/A | N/A | N/A | N/A |
| 28465 | $298,245 | $393,235 | $513,030 | $681,342 | $934,890 |
Source: Ownwell
Property Tax Bills Across Oak Island, North Carolina
In Oak Island, located in Brunswick County, NC, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county's tax assessor and reflects the market value of the home. Homeowners in Oak Island can expect their tax bills to vary widely depending on their property's assessed value and the local tax rate. For example, the median home price in Oak Island is $512,620. Property tax bills in this area can range significantly, with the 25th percentile tax bill at $1,133 and the 75th percentile at $2,264. The top 10% of tax bills can reach up to $3,279. The median tax bill in Oak Island is $1,596, which is relatively lower compared to the national median property tax rate of 0.99%. These tax bills play a crucial role in funding local services such as public schools, emergency services, and infrastructure maintenance. For homeowners, understanding how their tax bill is calculated can help in budgeting and financial planning.
Average Oak Island Tax Bill
$1,595
Average Brunswick County Tax Bill
$1,377
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28461 | N/A | N/A | N/A | N/A | N/A |
| 28465 | $789 | $1,134 | $1,596 | $2,265 | $3,279 |
Source: Ownwell