Example of New Hanover County Property Tax Calculation
New Hanover County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county's tax assessor, who evaluates the property's market value, location, and other factors. The tax rate for the county is set annually by the Board of Commissioners.
Let's say that a property in New Hanover County has an assessed value of $200,000, and the tax rate is 0.60%. To calculate the property tax, you would multiply the assessed value by the tax rate:
$200,000 x 0.60% = $1,200
Therefore, the property tax for this property in New Hanover County would be $1,200.
It's important to note that property tax rates and assessed values can vary depending on the location and type of property. Homeowners may qualify for certain tax exemptions, such as a homestead exemption, which can reduce their property tax burden.
If you want appeal your property tax assessment - contact your local tax assessor.
New Hanover County Property Tax Rates
The following table shows the New Hanover County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Countywide General Fund | $0.5833 |
| Beach Erosion Control | $0.0375 |
| Solid Waste Management | $0.1072 |
| Fire Services | $0.0674 |
| Beach Inlet and Navigation | $0.0075 |
| Wilmington City School District | $1.2125 |
| Cape Fear Community College | $0.1219 |
Please note that these rates are subject to change and may vary based on the assessed value and location of your property. It is recommended to consult with a tax professional for personalized advice.
Who sets property tax rates in New Hanover County ?
In New Hanover County, property tax rates are set by the Board of Commissioners. This board is made up of seven elected officials who serve staggered four-year terms. They meet regularly throughout the year to discuss and vote on various issues, including the tax rate.
The property tax rate is typically set during the budget process, which takes place annually in the spring. The Board of Commissioners reviews the county's financial needs and determines how much revenue needs to be generated in order to support essential services like schools, public safety, and infrastructure projects.
Once the budget has been finalized, the Board of Commissioners sets the property tax rate for the coming fiscal year. This rate is expressed as a percentage of the assessed value of each property in the county.
It's worth noting that property taxes are just one source of revenue for New Hanover County. The county also collects revenue from sales taxes, fees for services like permits and licenses, and state and federal grants.
Homestead exemptions in New Hanover County ?
In New Hanover County, North Carolina, homeowners can take advantage of various Homestead exemptions and deductions to lower their property taxes. Here are some of the county-specific exemptions and deductions that may be available to eligible individuals:
| Column | Description |
|---|---|
| Exemption | A reduction in the assessed value of a property, resulting in a lower tax bill. |
| Eligibility | The qualifications required to be eligible for a particular exemption or deduction. |
| Amount | The dollar value of the exemption or deduction. |
| Notes | Any additional information or conditions related to the exemption or deduction. |
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Elderly or Disabled Exclusion: This exemption is available to homeowners who are either over the age of 65 or permanently disabled. The exemption amount is up to $25,000 or 50% of the property's appraised value, whichever is greater.
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Disabled Veteran Exclusion: This exemption is available to disabled veterans who have a service-related disability of at least 50%. The exemption amount is up to $45,000 or the assessed value of the property, whichever is greater.
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Circuit Breaker Exclusion: This exemption is available to homeowners whose property taxes exceed a certain percentage of their income. The exemption amount is the difference between the amount of property tax paid and the percentage of income threshold. The percentage threshold varies depending on income and ranges from 4% to 10%.
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Historic Property Preservation Exclusion: This exemption is available to property owners who have properties designated as historic landmarks. The exemption amount is up to 50% of the appraised value of the property, but cannot exceed $50,000.
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Volunteer Firefighter and Rescue Squad Worker Exclusion: This exemption is available to volunteer firefighters and rescue squad workers who own and live in the property as their primary residence. The exemption amount is up to $20,000 or 50% of the property's appraised value, whichever is greater.
It's important to note that eligibility requirements and exemption amounts may change over time. Homeowners should contact the New Hanover County Tax Department to confirm their eligibility and the current exemption or deduction amounts before applying.
When is New Hanover County Property Tax due ?
New Hanover County Property Tax is typically due on September 1st of each year, and must be paid by January 5th of the following year. If the due date falls on a weekend or a holiday, the payment is due on the next business day.
Payment methods for New Hanover County Property Tax include:
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Online: Property owners can pay their taxes online using a credit or debit card, or via electronic check. This option is available 24/7 and there is no additional fee for using this service.
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By mail: Property owners can also send in their payment by mail. Payments made by mail must be postmarked by the due date to avoid any late fees. The mailing address for property tax payments can be found on the county's website.
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In person: Property owners can pay their property tax in person at the New Hanover County Tax Administration Office during regular business hours. Payment can be made by cash, check or money order.
It is important for property owners to remember that failure to pay property tax by January 5th will result in a penalty fee of 10% of the total tax bill, as well as interest on the unpaid amount.
If you have more questions - contact your local tax collector.
How is New Hanover County Property Tax penalty calculated ?
New Hanover County Property Tax Penalty Calculation
In New Hanover County, property taxes are assessed and collected by the Tax Assessor's Office. Property owners are required to pay their property taxes by January 5th of each year. Failure to pay on time will result in a penalty being added to the amount due.
The penalty for late payment is calculated as follows:
- 2% penalty on the unpaid balance after January 5th
- An additional 3/4% penalty on the unpaid balance on the first day of each month until the taxes are paid in full
For example, let's say a property owner in New Hanover County owes $2,000 in property taxes for the year. If they fail to make the payment by January 5th, a 2% penalty of $40 ($2,000 x 2%) will be added to their balance. If they still haven't paid by February 1st, an additional 3/4% penalty of $15 ($2,000 x 3/4%) will be added to their balance, bringing the total penalty to $55.
The penalty will continue to increase by 3/4% of the unpaid balance each month until the taxes are paid in full. It's important for property owners in New Hanover County to pay their property taxes on time to avoid incurring these penalties.
We recommend contacting the New Hanover County Tax Office or a local tax professional for the most up-to-date and accurate information.