Wilmington, North Carolina Property Taxes
The median property tax rate in Wilmington, 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 $180,600 in Wilmington, the typical annual property tax bill is $722, which is well below the national median of $2,690. Property taxes in Wilmington are calculated based on the assessed value, which often falls below market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Wilmington'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 Wilmington 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
Wilmington, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$722
Ownwell's Wilmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmington 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 Wilmington, North Carolina
Property taxes in Wilmington, 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 Wilmington is 0.40%, significantly lower than the U.S. national median of 0.99%. Local government entities within Wilmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmington 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 Wilmington's effective property tax rate to other areas in North Carolina and the national median. For comparison, the 28409 zip code has the highest median property tax rate of 0.40%, while the 28409 zip code also has the lowest median tax rate of 0.40%. Understanding how these areas compare with Wilmington 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 Wilmington 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 Wilmington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28405 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
| 28409 | 0.40% | 0.40% | 0.40% | 0.41% | 0.42% |
| 45177 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Wilmington, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilmington, NC. 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 local appraisal authorities 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 Wilmington, 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. Wilmington's highest median tax bill is $1932 in the 28409 zip code, while the lowest is $322 in the 28405 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wilmington, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Wilmington Assessed Value
$180,600
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 Wilmington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28405 | $48,120 | $60,300 | $80,600 | $100,900 | $113,080 |
| 28409 | $173,780 | $289,700 | $482,900 | $965,800 | $1,255,540 |
| 45177 | $240,000 | $240,000 | $240,000 | $240,000 | $240,000 |
Source: Ownwell
Property Tax Bills Across Wilmington, North Carolina
In Wilmington, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the tax rate set by the county. For example, with a median home price of $180,600, homeowners can expect varying tax bills. Factors such as location, property size, and improvements can influence the assessed value and, subsequently, the tax bill. In Wilmington, the 25th percentile tax bill is around $411, while the 75th percentile tax bill reaches $1,689. For those in the 90th percentile, tax bills can be as high as $4,007. The highest median tax bill in the area is $1,932 in the 28409 zip code, whereas the lowest is $322 in the 28405 zip code. These figures highlight significant variability depending on specific property characteristics and locations, impacting how much homeowners ultimately pay in property taxes. Comparing these figures to the national median property tax rate of 0.99% provides insight into how Wilmington's rates align with broader trends.
Average Wilmington Tax Bill
$722
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmington, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28405 | $192 | $241 | $322 | $404 | $452 |
| 28409 | $695 | $1,159 | $1,932 | $4,007 | $5,252 |
| 45177 | $960 | $960 | $960 | $960 | $960 |
Source: Ownwell