Manteo, North Carolina Property Taxes
The median property tax rate in Manteo, NC is 0.55%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Manteo at $309,400, the typical annual property tax bill reaches $1,815, which is below the national median of $2,690. Property taxes in Manteo are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Manteo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Manteo or another part of Dare County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manteo, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,702
Ownwell’s Manteo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Manteo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manteo 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 Manteo, North Carolina
Property taxes in Manteo, North Carolina, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Manteo is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Manteo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manteo 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 Manteo's effective property tax rate to other areas in Dare County and the national median. For comparison, the zip code 27954 has the highest median property tax rate of 0.55%, while the same zip code 27954 also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Manteo 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 Manteo Tax Rate
0.55%
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 Manteo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27954 | 0.55% | 0.55% | 0.55% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Manteo, North Carolina
In Manteo, 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 Manteo, 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. The median home price in Manteo is $309,400, with tax bills ranging from $1,293 at the 25th percentile to $2,710 at the 75th percentile, and up to $4,046 at the 90th percentile. 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 Manteo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Manteo Assessed Value
$309,400
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 Manteo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27954 | $167,180 | $230,725 | $309,400 | $440,834 | $621,920 |
Source: Ownwell
Property Tax Bills Across Manteo, North Carolina
In Manteo, 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's office and reflects the market value of the property. Homeowners in Manteo can expect property tax bills that vary significantly depending on the value of their property. For instance, the tax bill at the 25th percentile is $1,293, while at the 75th percentile, it rises to $2,710. At the higher end, the 90th percentile tax bill reaches $4,046. These variations highlight how property values influence tax obligations. With the national median property tax rate at 0.99%, homeowners in Manteo pay relatively competitive rates. The highest and lowest median tax bills in the area are both $1,815, suggesting a consistent tax rate across different properties. Understanding these factors helps homeowners anticipate their annual tax responsibilities and manage their finances accordingly.
Average Manteo Tax Bill
$1,815
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 Manteo, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27954 | $856 | $1,293 | $1,815 | $2,710 | $4,046 |
Source: Ownwell