Example of Currituck County Property Tax Calculation
In Currituck County, property tax is calculated based on the assessed value of the property. The assessed value is determined by the County Assessor's Office and is based on factors such as the size of the property, its location, and any improvements made to the property.
Once the assessed value has been established, the property tax rate is applied. For example, if the assessed value of a property is $100,000 and the tax rate is 0.60%, the property tax bill would be $600.
It's important to note that there may be additional taxes or fees depending on the specific location and type of property in Currituck County. Property owners can contact the County Assessor's Office for more information on their specific property tax calculations.
If you want appeal your property tax assessment - contact your local tax assessor.
Currituck County Property Tax Rates
The following table displays the Currituck County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.48 |
| Fire | $0.08 |
| Schools | $0.41 |
| Municipal | Varies by location |
Note that the municipal tax rate varies depending on the specific location within Currituck County. It is recommended to check with the local government for accurate information.
Who sets property tax rates in Currituck County ?
In Currituck County, property tax rates are set by the Board of County Commissioners. This happens annually during their budget process, typically in the month of June. The Board reviews the county's financial needs and determines the property tax rate necessary to fund county services and operations. The tax rate is then applied to the assessed value of each property in the county to determine the amount of property tax owed. Property owners in Currituck County can view their property tax assessment and pay their taxes online through the county's website.
Homestead exemptions in Currituck County ?
To help Currituck County residents navigate their Homestead tax exemptions and deductions, the following table outlines the exemptions, eligibility requirements, and amounts for each:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly and Disabled Homestead Exclusion | Must be at least 65 years old or totally and permanently disabled | Excludes the first $25,000 of the appraised value of the permanent residence from property tax | Must apply to the County Assessor within 60 days of the tax bill due date |
| Disabled Veteran Homestead Exclusion | Must be a veteran with 100% service-connected disability, or the surviving spouse of such a veteran | Excludes the first $45,000 of the appraised value of the permanent residence from property tax | Must apply to the County Assessor within 60 days of the tax bill due date |
| Disabled Veteran Vehicle Exemption | Must be a veteran with 100% service-connected disability, or the surviving spouse of such a veteran | Exempts one vehicle owned by the veteran from property tax | Must apply to the County Assessor within 60 days of the tax bill due date |
| Circuit Breaker Tax Deferment | Must be at least 65 years old or totally and permanently disabled, with a combined income of less than $30,200 | Defers property tax payments until the property is sold or the owner passes away | Interest accrues on the deferred amount |
| Present-Use Value Program | Applies to property used for agricultural, horticultural, or forestry purposes | Applies a reduced tax rate based on the present-use value of the property rather than the market value | Must apply to the County Assessor between January 1 and June 1 of each year |
It's important to note that each exemption and deduction may have specific eligibility requirements and application processes, so residents should contact the County Assessor for more information. But with this table, homeowners in Currituck County can start to understand the options available to them for reducing their property tax burden.
When is Currituck County Property Tax due ?
Currituck County Property Tax Due Date and Payment Methods
Currituck County property tax typically must be paid by the due date of January 5th of each year. However, if the due date falls on a weekend or holiday, the deadline is extended to the next business day.
There are different methods available for property tax payment in Currituck County. Property owners can choose to pay in person at the Currituck County Tax Collection Office, located at 153 Courthouse Road, Suite 104, Currituck, NC, 27929. Alternatively, they can mail their payment to the same address or use the online payment system.
If paying in person, property owners can use cash, check, or money order as payment methods. When mailing their payment, they can use a personal check or money order. To use the online payment system, property owners can use a credit card or e-check.
It's important to note that failure to pay property tax by the due date will result in penalties and interest. Therefore, it's recommended that property owners pay their property tax on time to avoid incurring additional fees.
In summary, Currituck County property tax is due by January 5th each year, with payment options including in-person payment, mailing payment, or using an online payment system. Property owners can use cash, check, money order, credit card, or e-check to pay their taxes.
If you have more questions - contact your local tax collector.
How is Currituck County Property Tax penalty calculated ?
Currituck County Property Tax Penalty Calculation
When property taxes are not paid on time, the taxpayer may be subject to penalties and interest charges. Currituck County property tax penalty is calculated based on the amount owed and the length of time it remains unpaid. The penalty is added to the original tax amount, and interest accrues on the total amount owed.
Here is an example to illustrate how Currituck County property tax penalty is calculated:
| Original tax amount | $3,000 |
| Date due | September 1 |
| Date paid | December 1 |
| Amount paid | $2,000 |
In this example, the taxpayer paid $2,000 of the $3,000 tax bill on December 1, which was three months after the due date. The tax penalty is calculated based on the remaining balance of $1,000, which is subject to a 10% penalty for being paid late. Therefore, the penalty amount is $100 (10% of $1,000).
In addition to the penalty, interest accrues on the unpaid tax balance, including the penalty amount. The interest rate for Currituck County property tax is set by the state and changes annually. The interest rate for the 2021 tax year is 5%.
Using the example above, the interest would be calculated as follows:
| Original tax amount | $3,000 |
| Date due | September 1 |
| Date paid | December 1 |
| Amount paid | $2,000 |
| Penalty | $100 |
| Unpaid balance | $900 |
| Interest rate | 5% |
To calculate the interest, multiply the unpaid balance ($900) by the interest rate (0.05) and the number of months late (3):
$900 x 0.05 x 3 = $135
Therefore, the total penalty and interest charged for this late payment is $235, which is added to the original tax amount of $3,000, making the total amount due $3,235.
It is important for taxpayers in Currituck County to pay their property taxes on time to avoid penalties and interest charges. If you have any questions or concerns about property taxes in Currituck County, contact the county tax office for more information.
We recommend contacting the Currituck County Tax Office or a local tax professional for the most up-to-date and accurate information.