Wanchese, North Carolina Property Taxes
The median property tax rate in Wanchese, NC is 0.57%, 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 $186,200 in Wanchese, the typical annual property tax bill is around $1,014, well below the national median of $2,690. Property taxes in Wanchese are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wanchese'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 Wanchese or another part of Dare County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wanchese, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,061
$985
Ownwell’s Wanchese Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wanchese with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wanchese 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 Wanchese, North Carolina
Property taxes in Wanchese, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wanchese is 0.57%, which is lower than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Wanchese set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wanchese 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 Wanchese's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27981 has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Wanchese provides valuable insights into the varying tax landscape across Dare County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wanchese Tax Rate
0.57%
Average Dare County Tax Rate
0.64%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wanchese, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27981 | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Wanchese, North Carolina
In Wanchese, 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 Dare 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. Assessment notices in Wanchese 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 Wanchese helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,014, specifically in the 27981 zip code.
Property Tax Assessment Values Across Wanchese, North Carolina
Source: Ownwell
$167,600
$362,100
$556,600
Average Wanchese Assessed Value
$186,200
Average Dare County Assessed Value
$355,020
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wanchese, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27981 | $111,580 | $143,198 | $186,200 | $246,839 | $325,457 |
Source: Ownwell
Property Tax Bills Across Wanchese, North Carolina
In Wanchese, located in Dare County, NC, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Wanchese experience a range of property tax bills, with the 25th percentile at $768 and the 75th percentile at $1383. For those at the 90th percentile, the tax bill can reach up to $1849. The median home price in Wanchese is $186,200, which plays a significant role in the calculation of property taxes. Compared to the national median property tax rate of 0.99%, homeowners in Wanchese face a unique landscape. These property taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life. Understanding how these factors interplay helps homeowners anticipate their financial obligations and the benefits they receive from their contributions.
Average Wanchese Tax Bill
$1,014
Average Dare County Tax Bill
$2,313
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Wanchese, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27981 | $538 | $768 | $1,014 | $1,383 | $1,849 |
Source: Ownwell