Ocracoke, North Carolina Property Taxes
The median property tax rate in Ocracoke, NC is 0.91%, slightly lower than the national median of 0.99% but higher than the North Carolina state median of 0.82%. With the median home value in Ocracoke at $268,857, the typical annual property tax bill is $2,439, which is below the national median of $2,690. Property taxes in Ocracoke are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ocracoke'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 Ocracoke or another part of Hyde County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocracoke, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,447
Ownwell’s OCRACOKE Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in OCRACOKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OCRACOKE 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 Ocracoke, North Carolina
Property taxes in Ocracoke, North Carolina, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocracoke is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Ocracoke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ocracoke 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 Ocracoke's effective property tax rate to other counties in North Carolina and the national median. For comparison, the zip code 27960 has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Ocracoke provides valuable insights into the varying tax landscape across Hyde County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocracoke Tax Rate
0.91%
Average Hyde County Tax Rate
0.90%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocracoke, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27960 | 0.90% | 0.91% | 0.91% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Ocracoke, North Carolina
In Ocracoke, 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 Hyde 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 Ocracoke, 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 Ocracoke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ocracoke is $268,857, with the median tax bill at $2,439 in the 27960 zip code, which interestingly is both the highest and lowest median tax bill recorded.
Property Tax Assessment Values Across Ocracoke, North Carolina
Source: Ownwell
$50,948
$159,903
$268,857
Average Ocracoke Assessed Value
$268,857
Average Hyde County Assessed Value
$78,676
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocracoke, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27960 | $135,069 | $190,709 | $268,857 | $367,057 | $501,188 |
Source: Ownwell
Property Tax Bills Across Ocracoke, North Carolina
In Ocracoke, located in Hyde County, NC, property tax bills are determined by the assessed value of a home, which is based on the property's market value. The local tax rate is then applied to this assessed value. For instance, if a home has a median price of $268,857, the property tax will be calculated by applying the local tax rate to this value. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the tax bill. Homeowners in Ocracoke can expect their property tax bills to vary, with the 25th percentile at $1,740 and the 75th percentile at $3,319. The 90th percentile tax bill can reach up to $4,584. Compared to the national median property tax rate of 0.99%, Ocracoke's property tax rates can be a significant expense for homeowners. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Ocracoke Tax Bill
$2,439
Average Hyde County Tax Bill
$681
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocracoke, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27960 | $1,213 | $1,740 | $2,439 | $3,319 | $4,584 |
Source: Ownwell