Hatteras, North Carolina Property Taxes
The median property tax rate in Hatteras, NC is 0.64%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $309,100 in Hatteras, the typical annual property tax bill amounts to $1,921, falling below the national median of $2,690. Property taxes in Hatteras are calculated based on the tax assessed value, which often is lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hatteras'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 Hatteras 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
Hatteras, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,978
Ownwell’s Hatteras Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hatteras with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hatteras 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 Hatteras, North Carolina
Property taxes in Hatteras, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hatteras is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Hatteras set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hatteras 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 Hatteras's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27943 has both the highest and the lowest median property tax rate in the area, standing at 0.64%. Understanding how these cities compare with Hatteras provides valuable insights into the varying tax landscape across Dare County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hatteras Tax Rate
0.64%
Average Dare County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hatteras, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27943 | 0.64% | 0.64% | 0.64% | 0.64% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Hatteras, North Carolina
In Hatteras, 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 Dare 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 Hatteras, 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 Hatteras helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27943 has the highest and lowest median tax bill, both at $1,921, reflecting a consistent tax environment.
Property Tax Assessment Values Across Hatteras, North Carolina
Source: Ownwell
$167,600
$362,100
$556,600
Average Hatteras Assessed Value
$309,100
Average Dare County Assessed Value
$355,020
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hatteras, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27943 | $138,634 | $220,100 | $309,100 | $501,568 | $822,576 |
Source: Ownwell
Property Tax Bills Across Hatteras, North Carolina
In Hatteras, located in Dare County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Hatteras with a median home price of $309,100 can expect their tax bills to vary significantly. For example, the tax bill at the 25th percentile is $1,318, while at the 75th percentile, it reaches $3,143, and at the 90th percentile, it can go up to $5,133. The highest and lowest median tax bills in the area are both recorded at $1,921 in the 27943 zip code. These property taxes fund essential local services such as schools, emergency services, and infrastructure. While the national median property tax rate is 0.99%, the specific rate in Hatteras can cause tax bills to fluctuate, directly impacting homeowners' annual financial planning and overall cost of living.
Average Hatteras Tax Bill
$1,921
Average Dare County Tax Bill
$2,313
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Hatteras, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27943 | $815 | $1,318 | $1,921 | $3,143 | $5,133 |
Source: Ownwell