Oak City, North Carolina Property Taxes
The median property tax rate in Oak City, NC is 1.44%, considerably higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Oak City at $38,900, the typical annual property tax bill reaches $612, which is below the national median of $2,690. Property taxes in Oak City 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 Oak City'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 Oak City 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
Oak City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$560
Ownwell’s Oak City Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Oak City with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oak City to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oak City, North Carolina
Property taxes in Oak City, North Carolina, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Oak City stands at 1.44%, which is notably higher than the national median of 0.99%. Local government entities within Oak City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak City 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 Oak City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27857 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Oak City provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak City Tax Rate
1.44%
Average Martin County Tax Rate
1.26%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27857 | 0.88% | 1.14% | 1.44% | 1.70% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Oak City, North Carolina
In Oak City, 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 Martin 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 Oak City, 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 Oak City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27857 has both the highest and lowest median tax bill at $612.
Average Oak City Assessed Value
$38,900
Average Martin County Assessed Value
$43,060
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27857 | $6,202 | $8,750 | $38,900 | $68,480 | $120,258 |
Source: Ownwell
Property Tax Bills Across Oak City, North Carolina
In Oak City, Martin County, NC, property tax bills are determined based on the assessed value of a home, which is then multiplied by the local tax rate. The median home price in this area is $38,900. Factors considered in the assessment include the property's location, size, and condition. Homeowners in Oak City can expect their tax bills to vary significantly, with the 25th percentile at $343 and the 75th percentile reaching up to $1,025. The 90th percentile tax bill can soar to $1,495, highlighting the range of property values and corresponding tax obligations. Compared to the national median property tax rate of 0.99%, Oak City's rates can be quite variable. The highest and lowest median tax bills in the region both stand at $612, specifically in the 27857 zip code. These property taxes significantly impact homeowners by influencing their annual expenses and potentially affecting their ability to invest in property improvements or other financial commitments. Understanding these factors can help homeowners in Oak City better plan for their financial future.
Average Oak City Tax Bill
$612
Average Martin County Tax Bill
$622
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27857 | $91 | $343 | $612 | $1,025 | $1,495 |
Source: Ownwell