Corapeake, Gates County, North Carolina Property Taxes
Median Corapeake, NC effective property tax rate: 1.03%, slightly higher than the national median of 1.02%, but lower than the North Carolina state median of 0.82%. Median Corapeake, NC home value: $127,252. Median annual Corapeake, NC tax bill: $1,262, $1,138 lower than the national median property tax bill of $2,400.
How are property taxes in Gates County calculated?
Property taxes in Corapeake, NC are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Corapeake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Corapeake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Corapeake, Gates County, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.03%
Estimate Property Tax Bill
$1,311
$1,216
Property Tax Rates Across Corapeake, Gates County, North Carolina
Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Corapeake, located in Gates County, NC, the effective property tax rate is 1.03%, which aligns closely with the state median and slightly above the national median rate of 1.02%. This rate reflects the county's budgeting needs and the total assessed value of properties. Despite the uniformity in the tax rate across Gates County, property owners in Corapeake might find this rate competitive when compared to other regions. The median property tax bill for the area can also be compared to the national median bill of $2400, providing a perspective on local tax obligations. Understanding these rates can help property owners make informed decisions about appealing or seeking exemptions, ensuring they optimize their property tax responsibilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Corapeake Tax Rate
1.03%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Gates County Tax Rate
1.03%
Median Effective North Carolina Tax Rate
0.82%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Corapeake, Gates County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | 0.67% | 0.93% | 1.03% | 1.11% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Corapeake, Gates County, North Carolina
When examining property taxes in Corapeake, NC, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Gates County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices: In Gates County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Corapeake.
For example, the median home price in Corapeake is $127,252, with tax bills ranging significantly across the county. Zip code 27926 has the highest median home price at $127,252.
Property Tax Assessment Values Across Corapeake, Gates County, North Carolina
Source: Ownwell
$111,782
$119,517
$127,252
Median Corapeake Market Value
$127,252
Median Gates County Market Value
$119,144
Median North Carolina Market Value
$197,136
Median United States Market Value
$235,294
Property Tax Assessment Values Across Corapeake, Gates County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | $46,229 | $85,662 | $127,252 | $185,464 | $258,442 |
Source: Ownwell
Property Tax Bills Across Corapeake, Gates County, North Carolina
Property tax bills in Corapeake, located in Gates County, NC, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value typically reflects a percentage of the property's market value, which is periodically evaluated by local authorities. Various factors, such as property size, location, and market conditions, influence this assessment. Homeowners in Corapeake face a median property tax bill of $1,262, aligning with the local zip code's highest and lowest median tax bills. This is below the national median property tax bill of $2,400, offering some financial relief to residents. However, tax bills can still range significantly, with the 25th percentile at $871 and the 90th percentile reaching $2,265.
Ownwell assists homeowners by providing expert property tax appeal services, potentially lowering their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can help ensure homeowners aren't overpaying. This service not only saves money but also provides peace of mind, knowing that property taxes are fair and accurate.
Median Corapeake Tax Bill
$1,262
Median Gates County Tax Bill
$1,215
Median North Carolina Tax Bill
$1,615
Median United States Tax Bill
$2,400
Property Tax Bills Across Corapeake, Gates County, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27926 | $511 | $871 | $1,262 | $1,662 | $2,265 |
Source: Ownwell