Currituck, North Carolina Property Taxes
The median property tax rate in Currituck, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $550,000 in Currituck, the typical annual property tax bill is $2,200, which is below the national median of $2,690. Property taxes in Currituck are calculated based on the tax-assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the intricacies of Currituck'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 Currituck or another part of the city, grasping 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
0.4%
Estimate Property Tax Bill
$2,200
$2,042
Ownwell’s Currituck Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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 provide an estimate of your property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Currituck is 0.47%, lower than both the North Carolina state median of 0.77% 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, Dare County has the highest median property tax rate of 0.76%, while Camden County has the lowest median tax rate of 0.52%. Understanding how these counties compare with Currituck provides valuable insights into the varying tax landscape across North Carolina, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Currituck Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
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 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
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 county 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. The highest and lowest median tax bills are both $2,200, found in the 27929 zip code.
Property Tax Assessment Values Across Currituck, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Currituck Assessed Value
$550,000
Average Avery County Assessed Value
$135,500
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 | $550,000 | $550,000 | $550,000 | $550,000 | $550,000 |
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. The assessed value is determined by local tax assessors who evaluate the property's market value. Once the assessed value is established, the local property tax rate is applied to calculate the annual tax bill. For example, with a median home price of $550,000, homeowners can expect a property tax bill around $2,200, which is consistent across various percentiles. This uniformity suggests a stable and predictable tax environment for residents. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. Homeowners benefit from understanding these elements, as they directly influence the tax burden. Compared to the national median property tax rate of 0.99%, Currituck's rate offers a competitive advantage, potentially making it a more attractive location for prospective homeowners. The consistency in tax bills across different percentiles also provides financial predictability, which is a crucial aspect for budgeting and long-term financial planning.
Average Currituck Tax Bill
$2,200
Average Avery County Tax Bill
$540
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 | $2,200 | $2,200 | $2,200 | $2,200 | $2,200 |
Source: Ownwell