Buying a new home comes with a lot of considerations beyond closing costs, mortgage, homeowner’s insurance, and mortgage insurance. One of those you need to consider is property tax. Tax rates on the Crystal Coast are determined annually during the budget process by the Carteret County and municipal governing boards.

Property taxes are determined by multiplying the assessed value by the tax rate. If the property is located in a municipality, the county and town tax rates are combined.

Reappraisal goes into effect in 2024

The Carteret County Tax Administration is currently conducting a general reappraisal, which occurs every four years in Carteret County. Values determined by the current reappraisal will be effective on January 1, 2024, and will be mailed to property owners in early 2024.

By law, real estate is appraised at “fair market value,” which is the most probable price a property would bring in a competitive and open market. Property values for a reappraisal are determined by comparing what similar properties are selling for, what it would cost to replace your property, the potential income or highest and best use of your property, as well as many other factors that may affect value.

In North Carolina, real estate reappraisals are required and cover all residential and commercial land and structures, which includes homes, apartments, condominiums, office buildings, stores, and warehouses.

The current tax rates are as follows: 

Town Rate*
Atlantic Beach 0.2
Beaufort 0.46
Bogue 0.05
Cape Carteret 0.2125
Cedar Point 0.1475
Morehead City 0.38
Newport 0.545
Peletier 0.055
Indian Beach 0.31
Non-Oceanfront (additional) 0.01
Oceanfront (additional) 0.03
Emerald Isle 0.165
Oceanfront (additional) 0.04
Pine Knoll Shores 0.24
Non-Oceanfront (additional) 0.015
Oceanfront (additional) 0.055
Hoffman Beach (additional) 0.33
Countywide 0.33
* Per $100 property valuation

In addition to the county and municipal property tax rates, certain areas of the county are also assessed fire and rescue taxes and annual solid waste disposal fees. View the full tax rate schedule here.

If all this sounds a bit daunting, don’t worry. We are here to help. The experienced professionals at Al Williams Properties can navigate taxes and other “extras,” such as homeowner’s association fees and estimated insurance costs, so you have a good idea of how much you are going to spend each year. Just give us a call!

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