Pasquotank County, North Carolina Property Taxes
The median property tax rate in Pasquotank County is 0.74%, 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 $162,100 in Pasquotank, the typical annual property tax bill is around $1,415, significantly below the national median of $2,690. Property taxes in Pasquotank County are calculated based on the tax assessed value, which is generally lower than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Pasquotank County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Elizabeth City or another part of Pasquotank County, gaining comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pasquotank County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,200
$1,113
Ownwell’s Pasquotank County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Pasquotank County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Pasquotank County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Pasquotank County, North Carolina
Property taxes in Pasquotank County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Pasquotank County is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Pasquotank County set these rates annually, and they can vary significantly between different areas within the county. Each year, Pasquotank County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Pasquotank County's effective property tax rate with other counties in North Carolina and the national median. For comparison, the city of Elizabeth City has one of the higher property tax rates in North Carolina at 0.74%. Analyzing how Pasquotank County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Pasquotank County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pasquotank County, North Carolina
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elizabeth City | 0.66% | 0.68% | 0.74% | 1.32% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Pasquotank County, North Carolina
In Pasquotank County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Pasquotank County Appraisal District. The assessed value, however, 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 Pasquotank County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Elizabeth City has the highest median tax bill at $1,415, which is above the national median property tax rate of 0.99%. Being aware of these valuation processes in Pasquotank County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Property Tax Assessment Values Across Pasquotank County, North Carolina
Source: Ownwell
$162,100
$162,100
$162,100
Average Pasquotank County Assessed Value
$162,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pasquotank County, North Carolina
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elizabeth City | $53,300 | $102,400 | $162,100 | $237,000 | $297,940 |
Source: Ownwell
Property Tax Bills Across Pasquotank County, North Carolina
In Pasquotank 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's property appraiser, who evaluates the market value of the property. This assessed value is then multiplied by the county's tax rate to determine the annual tax bill. For example, with a median home price of $162,100, homeowners in Pasquotank County can expect varying tax bills. The tax bill at the 25th percentile is approximately $922, while at the 75th percentile, it rises to $1,892. The 90th percentile sees tax bills around $2,657. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates measure up. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Understanding how these factors interplay can help homeowners anticipate their annual expenses and plan their finances accordingly.
Average Pasquotank County Tax Bill
$1,415
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Pasquotank County, North Carolina
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Elizabeth City | $587 | $922 | $1,415 | $1,892 | $2,657 |
Source: Ownwell