Minnesott Beach, North Carolina Property Taxes
The median property tax rate in Minnesott Beach, NC is 0.78%, which is lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $197,467 in Minnesott Beach, the typical annual property tax bill amounts to $1,550, significantly below the national median of $2,690. Property taxes in Minnesott Beach are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Minnesott Beach's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether residing in the heart of Minnesott Beach or another part of the city, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Minnesott Beach, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,540
$1,429
Ownwell’s Minnesott Beach Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minnesott Beach with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minnesott Beach 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 Minnesott Beach, North Carolina
Property taxes in Minnesott Beach, 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 Minnesott Beach is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Minnesott Beach set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minnesott Beach 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 Minnesott Beach's effective property tax rate to other areas in Pamlico County and the national median. For comparison, the zip code 28510 has both the highest and lowest median property tax rate of 0.78%. Understanding how these areas compare with Minnesott Beach provides valuable insights into the varying tax landscape across Pamlico County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minnesott Beach Tax Rate
0.78%
Average Pamlico County Tax Rate
0.69%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minnesott Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28510 | 0.63% | 0.78% | 0.78% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Minnesott Beach, North Carolina
In Minnesott Beach, 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 Pamlico 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 Minnesott Beach, 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 Minnesott Beach helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,550, found in the 28510 zip code, highlighting the uniformity in tax assessments within the community.
Property Tax Assessment Values Across Minnesott Beach, North Carolina
Source: Ownwell
$7,506
$116,946
$226,386
Average Minnesott Beach Assessed Value
$197,467
Average Pamlico County Assessed Value
$145,305
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minnesott Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28510 | $28,552 | $98,829 | $197,467 | $197,467 | $332,219 |
Source: Ownwell
Property Tax Bills Across Minnesott Beach, North Carolina
Property tax bills in Minnesott Beach, NC, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. Homeowners in Minnesott Beach can expect their property tax bills to vary significantly depending on their property's assessed value and the applicable tax rate. For instance, homeowners with properties in the 25th percentile typically see tax bills around $776, while those in the 75th percentile face bills closer to $1,550. The tax bill can rise to approximately $2,608 for properties in the 90th percentile. This variation highlights the impact of property value and local tax rates on the final tax bill. Compared to the national median property tax rate of 0.99%, Minnesott Beach's rates can be quite competitive, offering a relatively lower tax burden for homeowners. This can make the area more attractive to potential buyers and provide some financial relief to current residents.
Average Minnesott Beach Tax Bill
$1,550
Average Pamlico County Tax Bill
$1,045
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Minnesott Beach, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28510 | $221 | $776 | $1,550 | $1,550 | $2,608 |
Source: Ownwell