Okatie, North Carolina Property Taxes
The median property tax rate in Okatie, North Carolina 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 $482,900 in Okatie, the typical annual property tax bill amounts to $1,932, which is below the national median of $2,690. Property taxes in Okatie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Okatie'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 Okatie 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
Okatie, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,932
$1,792
Ownwell’s Okatie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okatie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okatie 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 Okatie, North Carolina
Property taxes in Okatie, 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 Okatie is 0.40%, significantly lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Okatie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okatie 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 Okatie's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 29909 has the highest median property tax rate of 0.40%, while the same zip code 29909 also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Okatie 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 Okatie 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 Okatie, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29909 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Okatie, North Carolina
In Okatie, 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 Okatie, 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 Okatie 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 bill is 29909, with a tax bill of $1932.
Property Tax Assessment Values Across Okatie, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Okatie Assessed Value
$482,900
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 Okatie, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29909 | $482,900 | $482,900 | $482,900 | $482,900 | $482,900 |
Source: Ownwell
Property Tax Bills Across Okatie, North Carolina
In Okatie, Avery County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area is $482,900. Property taxes are then derived by applying the local tax rate to this assessed value. The median property tax rate nationally is 0.99%, providing a useful benchmark for comparison. However, in Okatie, the typical tax bill is consistent across different percentiles, with homeowners generally paying around $1,932 annually. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners, this means that fluctuations in property values or changes in tax rates can directly impact their annual tax obligations. Understanding these factors is crucial for homeowners as they plan their finances, ensuring they are prepared for their property tax responsibilities each year.
Average Okatie Tax Bill
$1,932
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Okatie, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 29909 | $1,932 | $1,932 | $1,932 | $1,932 | $1,932 |
Source: Ownwell