Waves, North Carolina Property Taxes
The median property tax rate in Waves, NC is 0.61%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Waves at $398,000, the typical annual property tax bill reaches $2,396, which is below the national median of $2,690. Property taxes in Waves are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Waves' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Waves 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
Waves, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,428
$2,253
Ownwell’s WAVES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in WAVES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in WAVES 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 Waves, North Carolina
Property taxes in Waves, 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 Waves is 0.61%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Waves set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waves 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 Waves' effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27982 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Waves 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 Waves Tax Rate
0.61%
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 Waves, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27982 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Waves, North Carolina
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waves, North Carolina. 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. In Waves, 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 Waves helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 27982 has the highest median tax bill at $2,396, which is also the lowest median tax bill in the area.
Average Waves Assessed Value
$398,000
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 Waves, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27982 | $170,711 | $270,700 | $398,000 | $556,472 | $727,333 |
Source: Ownwell
Property Tax Bills Across Waves, North Carolina
In WAVES, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the Dare County tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $398,000, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,637 annually, while those in the 75th percentile might see bills closer to $3,413. Those in the 90th percentile could face taxes up to $4,397. Factors influencing these variations include the specific assessed value of the property and any applicable exemptions. The highest and lowest median tax bills in WAVES are both $2,396, which reflects a consistent tax rate within the zip code 27982. This system ensures that property taxes are proportionate to the value of the home, impacting homeowners by requiring higher payments for more valuable properties, thus maintaining equity within the community.
Average Waves Tax Bill
$2,396
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 Waves, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27982 | $1,003 | $1,637 | $2,396 | $3,413 | $4,397 |
Source: Ownwell