Powells Point, North Carolina Property Taxes
The median property tax rate in Powells Point, NC is 0.68%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Powells Point, the typical annual property tax bill reaches $1,323, which is below the national median of $2,690. Property taxes in Powells Point are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Powells Point'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 Powells Point 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
Powells Point, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,284
Ownwell’s Powells Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powells Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powells Point 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 Powells Point, North Carolina
Property taxes in Powells Point, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powells Point is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Powells Point set these rates annually, and they can vary across different neighborhoods. Each year, Powells Point 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 Powells Point's effective property tax rate to other areas in North Carolina and the national median. For comparison, the zip code 27966 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Powells Point 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 Powells Point Tax Rate
0.68%
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 Powells Point, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27966 | 0.56% | 0.62% | 0.68% | 0.72% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Powells Point, North Carolina
In Powells Point, 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 Powells Point, 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 Powells Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27966 has the highest median tax bill of $1,323, which can help you gauge your own property tax expectations.
Property Tax Assessment Values Across Powells Point, North Carolina
Source: Ownwell
$97,200
$300,600
$504,000
Average Powells Point Assessed Value
$188,800
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 Powells Point, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27966 | $79,900 | $131,800 | $188,800 | $278,500 | $383,600 |
Source: Ownwell
Property Tax Bills Across Powells Point, North Carolina
In Powells Point, located in Currituck County, NC, property tax bills are determined based on the assessed value of a home. The local property tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $188,800, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $898, while at the 75th percentile, it can reach up to $1,797. For those in the 90th percentile, tax bills can go as high as $2,315. These figures are influenced by factors such as property size, location, and any applicable exemptions. Comparing this to the national median property tax rate of 0.99%, Powells Point homeowners may find their tax obligations relatively moderate. Understanding these factors helps homeowners budget effectively and anticipate their financial responsibilities, ensuring they are well-prepared for their annual property tax payments.
Average Powells Point Tax Bill
$1,323
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 Powells Point, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27966 | $475 | $898 | $1,323 | $1,797 | $2,315 |
Source: Ownwell