Knotts Island, North Carolina Property Taxes
The median property tax rate in Knotts Island, NC is 0.73%, lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $161,000 in Knotts Island, the typical annual property tax bill is $1,117, which is below the national median of $2,690. Property taxes in Knotts Island are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Knotts Island'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 Knotts Island 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
Knotts Island, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,175
Ownwell’s Knotts Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knotts Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knotts 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 Knotts Island, North Carolina
Property taxes in Knotts Island, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knotts Island is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Knotts Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knotts 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 Knotts Island's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27950 has both the highest and lowest median property tax rate of 0.73%, highlighting the uniformity within the area. Understanding how these cities compare with Knotts Island 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 Knotts Island Tax Rate
0.73%
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 Knotts Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27950 | 0.61% | 0.62% | 0.73% | 0.81% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Knotts Island, North Carolina
In Knotts 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 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 Knotts 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 Knotts Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27950 has both the highest and lowest median tax bill at $1,117, which is reflective of the local property values.
Property Tax Assessment Values Across Knotts Island, North Carolina
Source: Ownwell
$97,200
$300,600
$504,000
Average Knotts Island Assessed Value
$161,000
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 Knotts Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27950 | $54,000 | $96,800 | $161,000 | $271,800 | $413,300 |
Source: Ownwell
Property Tax Bills Across Knotts Island, North Carolina
In Knotts Island, located in Currituck 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 and is meant to reflect the market value of the property. For instance, with a median home price of $161,000, homeowners can expect property taxes to vary significantly. Factors that influence the tax bill include property size, location, and any improvements made to the property. In Knotts Island, the tax bill at the 25th percentile is around $779, while it reaches $1,744 at the 75th percentile and can go up to $2,550 at the 90th percentile. These property taxes help fund essential local services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, Knotts Island homeowners experience a range of tax bills, highlighting the importance of understanding local tax assessments and their impact on personal finances.
Average Knotts Island Tax Bill
$1,117
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 Knotts Island, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27950 | $442 | $779 | $1,117 | $1,744 | $2,550 |
Source: Ownwell