Murrells Inlet, North Carolina Property Taxes
The median property tax rate in Murrells Inlet, NC, is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Murrells Inlet, the typical annual property tax bill is $38, far below the national median of $2,690. Property taxes in Murrells Inlet are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Murrells Inlet’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 Murrells Inlet 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
Murrells Inlet, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$38
Ownwell’s Murrells Inlet Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Murrells Inlet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Murrells Inlet to provide an accurate estimate of your property tax bill. This valuable tool helps you anticipate potential tax liabilities, making financial planning easier. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value is the figure assigned by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Murrells Inlet, North Carolina
Property taxes in Murrells Inlet, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Murrells Inlet is 0.55%, which is significantly lower than both the North Carolina state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Murrells Inlet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Murrells Inlet 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 Murrells Inlet's effective property tax rate to other counties in North Carolina and the national median. For comparison, zip code 37011 has the highest median property tax rate of 1.20%, while zip code 37012 has the lowest median tax rate of 0.40%. Understanding how these cities compare with Murrells Inlet provides valuable insights into the varying tax landscape across Avery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Murrells Inlet 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 Murrells Inlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Murrells Inlet, North Carolina
In Murrells Inlet, 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 Avery 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 Murrells Inlet, 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 Murrells Inlet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Murrells Inlet, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Murrells Inlet Assessed Value
$9,500
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 Murrells Inlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $1,760 | $3,200 | $9,500 | $15,000 | $15,000 |
Source: Ownwell
Property Tax Bills Across Murrells Inlet, North Carolina
In Murrells Inlet, Avery County, NC, property tax bills are calculated based on the assessed value of a home, 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 instance, the median home price in Murrells Inlet is $9,500. Depending on various factors such as property location and improvements, tax bills can vary significantly. Homeowners in the 25th percentile pay around $13, while those in the 75th and 90th percentiles pay approximately $60. This range can be attributed to differences in property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the property tax implications for homeowners in Murrells Inlet are relatively modest, potentially making it an attractive location for those looking to manage their living expenses. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Murrells Inlet Tax Bill
$38
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Murrells Inlet, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29576 | $7 | $13 | $38 | $60 | $60 |
Source: Ownwell