Morehead City, North Carolina Property Taxes
The median property tax rate in Morehead City, NC is 0.35%, considerably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Morehead City at $221,694, the typical annual property tax bill reaches $969, significantly below the national median of $2,690. Property taxes in Morehead City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Morehead 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 Morehead 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
Morehead City, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$776
$720
Ownwell’s Morehead City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morehead City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morehead City 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 Morehead City, North Carolina
Property taxes in Morehead City, 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 Morehead City is 0.35%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Morehead City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morehead 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 Morehead City's effective property tax rate to other counties in North Carolina and the national median. For comparison, the highest median property tax rate in North Carolina reaches significantly higher levels, while the lowest median tax rate is considerably lower. Understanding how these cities compare with Morehead City provides valuable insights into the varying tax landscape across Carteret County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morehead City Tax Rate
0.35%
Average Carteret County Tax Rate
0.55%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morehead City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28557 | 0.34% | 0.35% | 0.35% | 0.51% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Morehead City, North Carolina
In Morehead 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 Carteret 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 Morehead 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. The median home price here is $221,694, with annual tax bills ranging from $585 at the 25th percentile to $2,033 at the 90th percentile. Notably, the zip code 28557 has both the highest and lowest median tax bills at $969. 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 Morehead City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morehead City, North Carolina
Source: Ownwell
$70,790
$314,164
$557,538
Average Morehead City Assessed Value
$221,694
Average Carteret County Assessed Value
$225,462
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morehead City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28557 | $107,500 | $156,542 | $221,694 | $315,406 | $488,826 |
Source: Ownwell
Property Tax Bills Across Morehead City, North Carolina
In Morehead City, located in Carteret County, NC, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Morehead City see their property tax bills influenced by several factors, including the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. For example, with a median home price of $221,694, homeowners can expect varying tax bills. The 25th percentile tax bill is around $585, while the 75th percentile tax bill rises to about $1,318. At the 90th percentile, tax bills can reach up to $2,033. The highest and lowest median tax bills in the area both stand at $969, specifically in the zip code 28557. Compared to the national median property tax rate of 0.99%, Morehead City's property tax rates can have a significant impact on homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Morehead City Tax Bill
$969
Average Carteret County Tax Bill
$1,125
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Morehead City, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28557 | $387 | $585 | $969 | $1,318 | $2,033 |
Source: Ownwell