Corolla, North Carolina Property Taxes
The median property tax rate in Corolla, NC is 0.73%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $504,000 in Corolla, the typical annual property tax bill reaches $4,123, significantly higher than the national median of $2,690. Property taxes in Corolla are calculated based on the assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Corolla'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 Corolla or another part of Currituck County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corolla, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$3,679
$3,414
Ownwell’s Corolla Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Corolla with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corolla 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 Currituck County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Corolla, North Carolina
Property taxes in Corolla, 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 Corolla is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Corolla set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corolla 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 Corolla's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 27927 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Corolla provides valuable insights into the varying tax landscape across Currituck County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corolla Tax Rate
0.73%
Average Currituck County Tax Rate
0.71%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corolla, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27927 | 0.62% | 0.67% | 0.73% | 0.83% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Corolla, North Carolina
In Corolla, 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 Currituck 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 Corolla, 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 Corolla helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median tax bill in Corolla is $4,123, with the highest and lowest bills both found in the 27927 zip code.
Average Corolla Assessed Value
$504,000
Average Currituck County Assessed Value
$330,900
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corolla, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27927 | $215,900 | $355,350 | $504,000 | $757,400 | $1,222,400 |
Source: Ownwell
Property Tax Bills Across Corolla, North Carolina
In Corolla, located in Currituck County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Corolla is $504,000. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $2,881 and the 75th percentile at $5,729. For those at the higher end, the 90th percentile tax bill reaches $9,446. The tax bill is determined by multiplying the assessed value of the property by the local tax rate. Various factors are considered in the assessment, including the home's market value, location, and any improvements or modifications. This system ensures that property taxes are proportional to the value of the property, impacting homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, Corolla's property taxes can be substantial, especially for higher-value homes. The highest median tax bill in the area is $4,123, which is consistent across the zip code 27927.
Average Corolla Tax Bill
$4,123
Average Currituck County Tax Bill
$2,308
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Corolla, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27927 | $1,566 | $2,881 | $4,123 | $5,729 | $9,446 |
Source: Ownwell