Barco, North Carolina Property Taxes
The median property tax rate in Barco, NC is 0.69%, 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 $144,200 in Barco, the typical annual property tax bill amounts to $1,004, which is significantly less than the national median of $2,690. Property taxes in Barco are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as the primary residence and agricultural exemptions. Grasping Barco'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 Barco or another part of Currituck County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barco, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$995
-$10,427
Ownwell’s Barco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barco 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 Barco, North Carolina
Property taxes in Barco, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barco is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Barco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barco 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 Barco's effective property tax rate to other areas in Currituck County and the national median. For comparison, the 27917 zip code has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Barco provides valuable insights into the varying tax landscape across Currituck County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barco Tax Rate
0.69%
Average Currituck County Tax Rate
0.71%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27917 | 0.56% | 0.60% | 0.69% | 0.76% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Barco, North Carolina
In Barco, 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 Currituck 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 Barco, 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 Barco 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 27917 at $1004, and the lowest median tax bill is also in 27917 at $1004.
Average Barco Assessed Value
$144,200
Average Currituck County Assessed Value
$330,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27917 | $59,150 | $112,200 | $144,200 | $227,875 | $279,200 |
Source: Ownwell
Property Tax Bills Across Barco, North Carolina
Property tax bills in Barco, located in Currituck County, NC, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Barco, the median home price is $144,200. With a tax rate of 0.99%, which aligns with the national median, this translates to an average tax bill of approximately $1,428 annually. However, individual tax bills can vary significantly. For instance, the 25th percentile tax bill is around $731, while the 75th percentile reaches $1,499, and the 90th percentile can be as high as $1,761. Several factors influence these variations, including property size, location, and any applicable exemptions. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations tied to their property. Accurate assessment and awareness of potential exemptions can help manage and potentially reduce tax liabilities.
Average Barco Tax Bill
$1,004
Average Currituck County Tax Bill
$2,308
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Barco, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27917 | $315 | $731 | $1,004 | $1,499 | $1,761 |
Source: Ownwell