Cape Carteret, North Carolina Property Taxes
The median property tax rate in Cape Carteret, NC is 0.69%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Cape Carteret at $234,255, the typical annual property tax bill is $1,557, significantly below the national median of $2,690. Property taxes in Cape Carteret 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 Cape Carteret'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 Cape Carteret 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
Cape Carteret, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,616
Ownwell’s Cape Carteret Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Carteret with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Carteret 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 Cape Carteret, North Carolina
Property taxes in Cape Carteret, 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 Cape Carteret is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Cape Carteret set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Carteret 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 Cape Carteret's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 28584 has both the highest and lowest median property tax rate of 0.69%. Understanding how these cities compare with Cape Carteret provides valuable insights into the varying tax landscape across Carteret County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cape Carteret Tax Rate
0.69%
Average Carteret County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Carteret, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28584 | 0.58% | 0.68% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Cape Carteret, North Carolina
In Cape Carteret, 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 Carteret 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 Cape Carteret, 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 Cape Carteret 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 bill is 28584, both at $1,557.
Property Tax Assessment Values Across Cape Carteret, North Carolina
Source: Ownwell
$70,790
$314,164
$557,538
Average Cape Carteret Assessed Value
$234,255
Average Carteret County Assessed Value
$225,462
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cape Carteret, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28584 | $140,800 | $188,759 | $234,255 | $294,724 | $422,798 |
Source: Ownwell
Property Tax Bills Across Cape Carteret, North Carolina
In Cape Carteret, Carteret County, NC, property tax bills are determined based on the assessed value of a home, which is calculated by the local tax assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Key factors that influence the assessed value include the property's market value, location, and any improvements or additions made to the home. The median home price in Cape Carteret is $234,255, and homeowners can expect a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is approximately $1,241, while the 75th percentile tax bill reaches up to $1,969. At the higher end, the 90th percentile tax bill can be as much as $2,783. These property taxes significantly impact homeowners by contributing to local services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Cape Carteret's property tax rates reflect the local economic conditions and public service needs.
Average Cape Carteret Tax Bill
$1,557
Average Carteret County Tax Bill
$1,125
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Carteret, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28584 | $859 | $1,241 | $1,557 | $1,969 | $2,783 |
Source: Ownwell