Currituck, North Carolina Property Taxes
The median property tax rate in Currituck, NC is 0.64%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Currituck at $245,700, the typical annual property tax bill reaches $1,552, well below the national median of $2,690. Property taxes in Currituck 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 Currituck'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 Currituck or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Currituck, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,572
Ownwell’s Currituck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Currituck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Currituck 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 Currituck, North Carolina
Property taxes in Currituck, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Currituck is 0.64%, lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Currituck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Currituck 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 Currituck's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27929 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Currituck 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 Currituck Tax Rate
0.64%
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 Currituck, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27929 | 0.56% | 0.56% | 0.64% | 0.66% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Currituck, North Carolina
In Currituck, 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 local appraisal authority 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 Currituck, 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 Currituck helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bills is 27929, both standing at $1,552.
Property Tax Assessment Values Across Currituck, North Carolina
Source: Ownwell
$97,200
$300,600
$504,000
Average Currituck Assessed Value
$245,700
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 Currituck, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27929 | $92,120 | $126,550 | $245,700 | $329,550 | $503,760 |
Source: Ownwell
Property Tax Bills Across Currituck, North Carolina
In Currituck, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $245,700, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $753, while at the 75th percentile, it rises to approximately $2027. The tax bill can go as high as $2770 at the 90th percentile. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. This directly impacts the amount homeowners are required to pay. Compared to the national median property tax rate of 0.99%, Currituck's tax rate can lead to significant variations in tax bills, affecting household budgets and long-term financial planning for residents. Understanding these nuances helps homeowners anticipate their financial obligations more accurately.
Average Currituck Tax Bill
$1,552
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 Currituck, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27929 | $516 | $753 | $1,552 | $2,027 | $2,770 |
Source: Ownwell