The property tax rate is function on the total value of taxable property in the county. For example, Carteret County is on a 4 year re-assessment cycle. The taxable property values were last updated in 1997, and will be updated again in 2001. This means that the value that is used to determine the tax rate and calculate tax bills for property owners in Carteret County is based on 1997 dollars.
Every county is on a different re-assessment cycle.
For example, Onslow County updated its taxable values in 2000. The effective tax rate provides a better comparison of property tax rates among different counties. The effective tax rate considers the ratio of taxable value to the market value of property. Carteret has the 8th lowest effective tax rate of the 100 counties in North Carolina. Of the 20 coastal counties, Carteret has the lowest effective tax rate.