Cedar Island, North Carolina Property Taxes
The median property tax rate in Cedar Island, NC is 0.68%, which is notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $112,672 in Cedar Island, the typical annual property tax bill amounts to $799, significantly less than the national median of $2,690. Property taxes in Cedar Island are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Cedar Island'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 Cedar Island or another part of Carteret County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cedar Island, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$766
Ownwell’s Cedar Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cedar Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cedar 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 Cedar Island, North Carolina
Property taxes in Cedar Island, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cedar Island is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Cedar Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cedar 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 Cedar Island's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28520 zip code has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Cedar Island 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 Cedar Island Tax Rate
0.68%
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 Cedar Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28520 | 0.60% | 0.63% | 0.68% | 0.77% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Cedar Island, North Carolina
In Cedar 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 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 Cedar 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 Cedar Island 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 28520, with a median tax bill of $799.
Property Tax Assessment Values Across Cedar Island, North Carolina
Source: Ownwell
$70,790
$314,164
$557,538
Average Cedar Island Assessed Value
$112,672
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 Cedar Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28520 | $38,421 | $72,025 | $112,672 | $172,103 | $230,682 |
Source: Ownwell
Property Tax Bills Across Cedar Island, North Carolina
In Cedar Island, located in Carteret County, NC, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the market value of the property, which is periodically evaluated by the county assessor. For homeowners in Cedar Island, the median home price is $112,672. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $561, while the 75th percentile tax bill is $1,143, and the 90th percentile tax bill reaches $1,434. Comparing these figures to the national median property tax rate of 0.99%, Cedar Island's property taxes can be seen as relatively moderate. This impacts homeowners by affecting their annual financial obligations and the overall affordability of owning property in the area. Understanding these factors can help residents anticipate their tax responsibilities and plan accordingly.
Average Cedar Island Tax Bill
$799
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 Cedar Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28520 | $360 | $561 | $799 | $1,143 | $1,434 |
Source: Ownwell