Corapeake, North Carolina Property Taxes
The median property tax rate in Corapeake, NC is 1.03%, slightly higher than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Corapeake at $127,252, the typical annual property tax bill amounts to $1,262, which is below the national median of $2,690. Property taxes in Corapeake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Corapeake'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 Corapeake or another part of Gates County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corapeake, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,311
$1,216
Ownwell’s Corapeake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corapeake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corapeake 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 Corapeake, North Carolina
Property taxes in Corapeake, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Corapeake is 1.03%, higher than both the North Carolina state median and the U.S. national median of 0.99%. Local government entities within Corapeake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corapeake 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 Corapeake's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27926 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Corapeake provides valuable insights into the varying tax landscape across Gates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corapeake Tax Rate
1.03%
Average Gates County Tax Rate
1.03%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corapeake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | 0.67% | 0.93% | 1.03% | 1.11% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Corapeake, North Carolina
In Corapeake, 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 Gates 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 Corapeake, 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 Corapeake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,262 in the 27926 zip code, with tax bills ranging from $871 at the 25th percentile to $2,265 at the 90th percentile.
Property Tax Assessment Values Across Corapeake, North Carolina
Source: Ownwell
$97,638
$112,445
$127,252
Average Corapeake Assessed Value
$127,252
Average Gates County Assessed Value
$119,144
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corapeake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | $46,229 | $85,662 | $127,252 | $185,464 | $258,442 |
Source: Ownwell
Property Tax Bills Across Corapeake, North Carolina
In Corapeake, located in Gates 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's office, which evaluates the property's market value. This assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. For homeowners in Corapeake, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $871, while the 75th percentile tax bill is $1662. At the higher end, the 90th percentile tax bill reaches $2265. This range indicates how property taxes can impact homeowners differently depending on the value of their property. Comparatively, the median home price in Corapeake is $127,252, which influences the overall tax burden. While the median property tax rate nationally is 0.99%, local rates and assessed values can lead to higher or lower tax bills for Corapeake residents. This variability underscores the importance of understanding local property tax assessments and rates.
Average Corapeake Tax Bill
$1,262
Average Gates County Tax Bill
$1,215
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Corapeake, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | $511 | $871 | $1,262 | $1,662 | $2,265 |
Source: Ownwell