Example of Dare County Property Tax Calculation
Dare County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county's tax assessors, who evaluate the property's market value and any improvements made to it. Once the assessed value is determined, a tax rate is applied to it to determine the property tax amount.
For example, let's say a property in Dare County has an assessed value of $200,000 and the current tax rate is 0.48%. To calculate the property tax, you would multiply the assessed value by the tax rate:
$200,000 x 0.48% = $960
Therefore, the property tax for this property would be $960 for the year. It's important to note that property tax rates can vary depending on the location and the type of property.
If you want appeal your property tax assessment - contact your local tax assessor.
Dare County Property Tax Rates
Below is a formatted table listing the Dare County Property Tax rates in US dollars per 100$ of assessed property value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.42 |
| Beach Nourishment Fund | $0.16 |
| Occupancy Tax Fund | $0.050 |
| Dare County Fire Marshal Fund | $0.005 |
| Dare County Solid Waste Fund | $0.051 |
| Dare County Waterways Commission Fund | $0.001 |
| Dare County Tourism Bureau Fund | $0.025 |
| Dare County Airport Fund | $0.010 |
| Dare County Special Beach Fund | $0.05 |
It is important to note that these rates are subject to change and may vary based on individual property assessments. As a tax advisor, it is recommended to consult with a local tax authority for the most up-to-date information on property tax rates in Dare County.
Who sets property tax rates in Dare County ?
Dare County Property Tax Rates
Who sets property tax rates in Dare County?
The Dare County Board of Commissioners sets the property tax rates in Dare County.
When are the property tax rates set?
The property tax rates are set annually during the budget process, typically in June.
How are property tax rates determined?
Property tax rates are determined by considering the estimated revenue needed to fund the county’s budget for the coming fiscal year, as well as other economic factors.
What are the current property tax rates in Dare County?
The current property tax rate in Dare County is 48.75 cents per $100 of assessed value for real property, and 77.5 cents per $100 of assessed value for personal property.
Can property owners appeal their property tax assessment?
Yes, property owners have the right to appeal their property tax assessment. They can do so by contacting the Dare County Tax Office and filing an appeal within 30 days of receiving their property tax bill.
Homestead exemptions in Dare County ?
To help homeowners in Dare County, North Carolina better understand their Homestead exemptions and deductions, we have compiled a table with all county-specific information. This table includes the columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled | 65 or older or permanently disabled | Up to $25,000 | Must apply by June 1st. |
| Veteran | Honorably discharged veteran or the spouse of a deceased veteran | Up to $45,000 | Must provide proof of eligibility. |
| Disabled Veteran | Honorably discharged veteran with a 100% permanent and total service-connected disability | Up to $45,000 | Must provide proof of eligibility. |
| Surviving Spouse | The surviving spouse of a qualified veteran or first responder | Up to $45,000 | Must provide proof of eligibility. |
| First Responder | Active or retired first responder | Up to $50,000 | Must provide proof of eligibility. |
It's important to note that eligibility requirements vary for each exemption, and some exemptions may have additional documentation requirements. Homeowners should contact the Dare County Tax Office for more information on how to apply for these exemptions and deductions.
When is Dare County Property Tax due ?
Dare County Property Tax is typically due on September 1st. However, taxpayers have until January 5th of the following year to pay without incurring any penalties or interests.
There are several options available for taxpayers to make their property tax payments:
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Online Payment: Property owners can pay their taxes online through the Dare County website. Payments can be made using a credit card, debit card, or electronic check.
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Mail: Property owners can also mail their payments to Dare County Tax Collector, P.O. Box 1000, Manteo, NC 27954. Payments must be postmarked by the due date to avoid penalties.
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In-Person: Taxpayers can visit the Dare County Tax Collector's office at 954 Marshall C. Collins Drive in Manteo to make their payments in person.
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Drop Box: There is also a drop box located at the rear of the Dare County Administration Building, which is available 24/7 for property tax payments.
It is important to note that property owners who fail to pay their taxes by the due date will be subject to a penalty of 2% on the unpaid balance. Additionally, interest will accrue on the unpaid balance at a rate of 0.75% per month until the balance is paid in full.
If you have more questions - contact your local tax collector.
How is Dare County Property Tax penalty calculated ?
Dare County Property Tax Penalty Calculation
Dare County, located in North Carolina, imposes penalties on property owners who fail to pay their property taxes on time. The penalty is calculated based on the amount of the tax owed and the length of time it remains unpaid.
Calculation of Penalty:
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The penalty rate for late payment is 10% of the unpaid tax amount.
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Interest is also charged on any unpaid tax amount. The interest rate is set by the North Carolina General Assembly and is currently 2% per month or 24% per year.
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The penalty and interest are added to the unpaid tax amount to determine the total amount owed.
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If the property owner fails to pay the tax, penalty, and interest within a certain period, the property may be sold at a tax sale auction.
Example:
Suppose a property owner in Dare County owes $1,000 in property taxes for the current year. If the property owner fails to pay the amount on or before the due date, the following penalty will be imposed:
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Penalty amount = 10% of $1,000 = $100
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Interest amount = 2% of $1,000 per month = $20 per month
Suppose the property owner pays the tax after two months. The total amount owed will be:
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Tax amount = $1,000
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Penalty amount = $100
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Interest amount = $20 x 2 = $40
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Total amount owed = $1,000 + $100 + $40 = $1,140
Conclusion:
Property owners in Dare County should pay their property taxes on time to avoid penalties and interest charges. The penalty and interest rates are set by the North Carolina General Assembly, and failure to pay property taxes can result in the sale of the property at a tax sale auction.
We recommend contacting the Dare County Tax Office or a local tax professional for the most up-to-date and accurate information.