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thanks for clarifying. If we were to build a house, is there a way to find out what the assessed value would be? Or do I just plan on .85% (Willowick) or 1.06% (Melton Oaks) of the selling price and know it'll likely be a bit lower?
Contact the New Hanover County Tax Office and ask how they would do it:
Property taxes in Wilmington, and throughout NC, are the same across the entire city (with a very small number of exceptions). Taxes on a house with a tax value of $350,000 (and that is not always the same as selling price) are $3,706.50. They will be slightly higher nest year as New Hanover County will increase the tax rate by 2 cents, I believe, next year.
Really, anywhere east of College Road/Carolina Beach Road, between Oleander and the southern boundary of the Hoggard district is nice.
I got an email back from the Brunswick County Tax Office and this is what they said: (answers follow my questions)
We are thinking about moving from South Carolina to North Carolina. How are the real estate taxes assessed? Property is assessed based on a revaluation every 4 years in Brunswick County. The last revaluation was 1/1/2015. If no changes occur to a property ie new construction then the value remains the same for the four year period. Both my wife and myself are 63 years of age. If we bought a house, let’s say $180k, how much taxes would we have to pay? You would take the tax value, not purchase price, of the property and multiply it by the tax rate per 100.00 in value. You would need to remember to include a tax rate for the municipality if the property is contain within the town/city limits. Also the County has a fire fee that is determined on several different factors. The formula for computing taxes is as follows:
Tax Value / 100 X .485(tax rate for county) using your example above and using the 180,000 as a tax value not purchase price the County taxes would be 180,000/100 * .485 = $873.00 Remember to check for city taxes !! and fire fees
I got an email back from the Brunswick County Tax Office and this is what they said: (answers follow my questions)
We are thinking about moving from South Carolina to North Carolina. How are the real estate taxes assessed? Property is assessed based on a revaluation every 4 years in Brunswick County. The last revaluation was 1/1/2015. If no changes occur to a property ie new construction then the value remains the same for the four year period. Both my wife and myself are 63 years of age. If we bought a house, let’s say $180k, how much taxes would we have to pay? You would take the tax value, not purchase price, of the property and multiply it by the tax rate per 100.00 in value. You would need to remember to include a tax rate for the municipality if the property is contain within the town/city limits. Also the County has a fire fee that is determined on several different factors. The formula for computing taxes is as follows:
Tax Value / 100 X .485(tax rate for county) using your example above and using the 180,000 as a tax value not purchase price the County taxes would be 180,000/100 * .485 = $873.00 Remember to check for city taxes !! and fire fees
ok, folks, you have been SO helpful in trying to figure all this out! thank you so much, sincerely!
So, now, we have two things to really figure out before we decide if we want to go with new construction or existing homes. Taxes are pretty much figured out, check. The other stuff is 1) Insurance (homeowners, hurricane and wind) and 2) flood insurance.
With existing homes, pretty easy to figure out by just looking at history and calling a realtor. No problem. We are having trouble figuring out these numbers for new construction. In the Parsley/Myrtle Grove/Hoggard district (which is where we are looking, unless i hear smth astounding about other schools), obviously almost no new homes. We found two builders who are currently building and I have have had extensive phone and email communications with both on the price of the upgrades, street demographics, etc. We have things pretty much figured out on that front and the final determination will probably take place when i fly in and see the streets and homes in real life and talk to residents. Both look nice now. The two subdivisions (ha, really, streets) are Melton Oaks and Willowick.
1) INSURANCE: I have asked both realtors about the hurricane/wind/homeonwners' insurance (correct me if this is not what it's called) and Lindsey at Melton Oaks said the numbers she heard were between $2000 and $2500. Beth at Willowick didn't know, was going to put me in touch with a guy who handles that and hasn't yet (email to them is next on my list). So the question is, is there a way to estimate this? I've been using $2500 to run our numbers and that works great with our budget, but my worry is that if it all of a sudden goes much higher, it affects the end result.
2) FLOOD INSURANCE. Both realtors said that the streets are not in the floodplain. However, if we go on the flood map, it shows New Hanover County as Zone X and shows pretty high premiums. I realize this may not be accurate, because if we type in our address here in IL, it shows us as low risk and suggested premium of $779 a year, and we are now paying $3200+ (but our next door neighbors are paying $1200). How do i find this out for sure? If we have to tack on $3-4K in Flood insurance, all upgrades go bu-bye, so pretty important to know now.
here is LINK to what we looked at.
For reference, both houses are right at 3000 sq.ft in size (3034, i think). Here are the addresses for similar floorplans we are looking at in both subdivisions:
1) Melton Oaks-707 Antler Drive, Wilmington NC 28409 (this is the address listed on their page, but since the whole subdivision is 20 homes, i'm sure it won't change from house to house). LINK to Melton Oaks community page for reference.
2) Willowick- 3267 Kellerton Pl, Wilmington, NC, 28409 (exact model as the one we would get if we go with this builder, our house would just have different/more upgrades). LINK to Willowick Community.
If anyone can help us decipher this, your help will be much appreciated!!!
In regard to flood insurance, not all of New Hanover County is in Zone X. If the houses you are looking at are in Zone X, I wouldn't bother getting flood insurance. In any event, when you look at the FRIS site, click on "Preliminary" in the upper right hand corner. Those are the maps that will be going into effect soon. I also don't see any information on the cost of insurance on that site?
2) FLOOD INSURANCE. Both realtors said that the streets are not in the floodplain......
1) Melton Oaks-707 Antler Drive, Wilmington NC 28409 (this is the address listed on their page, but since the whole subdivision is 20 homes, i'm sure it won't change from house to house). LINK to Melton Oaks community page for reference.
2) Willowick- 3267 Kellerton Pl, Wilmington, NC, 28409 (exact model as the one we would get if we go with this builder, our house would just have different/more upgrades). LINK to Willowick Community.
I agree with the Realtor that you shold not have to buy flood insurance. From the aerial views on Google maps, the Melton Oaks development is high and dry.
The only water near Willowick is a creek to the south at the end of the cul-de-sac. As long your lot is not next to the creek, you should be out of a flood zone.
Floodsmart.gov probably does not have updated information on new lots, so I would rely on the Realtor.
So, let me get this straight.... mortgage companies in North Carolina allow you to choose whether to buy flood insurance??????? Because here in IL, that has not been our experience. Let me elaborate.
....go back 12 years. We buy this house. We are made aware that because there is a creek (read-ditch that fills up with water when it rains heavily) that touches the back of the property, we are in Zone X for flood insurance, $300 a year. Must have it. Ok, fine, no big deal. Fast forward to hurricane Katrina. FEMA needs money, right? All of a sudden we get a letter from our mortgage company (Countrywide at the time), saying we are now Zone A, we need to take out insurance in the amount of $1278 or they will impose it. I have tried to fight it for months or at least demand proof of how we magically became zone A. No go. The run around would make the most corrupt company proud. "We are happy to rezone you if you provide a LOMA (letter of amendment), which shows you are zone X". I can't provide such a letter because our street and half another were never zoned-the city ran out of money. So to do an elevation study, we'd need to hire a civil engineer, which would cost tens of thousands of dollars. So we keep paying... over the years, insurance kept going up and last Sept, jumped to $3200+. So that is where we are now. Because of a ditch that touches the back of our land.
Right now, the city just completed the project of moving the said creek back (it was contaminating a nearby river) and elevation stuff has been submitted to FEMA, so we hopefully will be out of the floodplain within a year. Well, next owner. We hopefully will be gone way before then.
But that is our story-when you are in flood zone here, the mortgage company makes you take out flood insurance. If that is not the case in NC, that is wonderful-we've see enough of those bills to last a lifetime. How can we make sure?
But that is our story-when you are in flood zone here, the mortgage company makes you take out flood insurance. If that is not the case in NC, that is wonderful-we've see enough of those bills to last a lifetime. How can we make sure?
You can't be sure. FEMA defines flood zones, and there is no guarantee they won't redefine them in your lifetime. And mortgage companies determine which risks they will require to have flood insurance, not the state. As far as I know mortgage companies do not require you to have flood insurance if you are in flood zone X, beyond the 500-year flood plane.
The best thing you can do is buy on the highest land in the development and look for any possible creeks, ditches or marshes beyond the lot. I also suggest contacting some mortgage companies on their policies.
So, let me get this straight.... mortgage companies in North Carolina allow you to choose whether to buy flood insurance??????? Because here in IL, that has not been our experience. Let me elaborate.
....go back 12 years. We buy this house. We are made aware that because there is a creek (read-ditch that fills up with water when it rains heavily) that touches the back of the property, we are in Zone X for flood insurance, $300 a year. Must have it. Ok, fine, no big deal. Fast forward to hurricane Katrina. FEMA needs money, right? All of a sudden we get a letter from our mortgage company (Countrywide at the time), saying we are now Zone A, we need to take out insurance in the amount of $1278 or they will impose it. I have tried to fight it for months or at least demand proof of how we magically became zone A. No go. The run around would make the most corrupt company proud. "We are happy to rezone you if you provide a LOMA (letter of amendment), which shows you are zone X". I can't provide such a letter because our street and half another were never zoned-the city ran out of money. So to do an elevation study, we'd need to hire a civil engineer, which would cost tens of thousands of dollars. So we keep paying... over the years, insurance kept going up and last Sept, jumped to $3200+. So that is where we are now. Because of a ditch that touches the back of our land.
Right now, the city just completed the project of moving the said creek back (it was contaminating a nearby river) and elevation stuff has been submitted to FEMA, so we hopefully will be out of the floodplain within a year. Well, next owner. We hopefully will be gone way before then.
But that is our story-when you are in flood zone here, the mortgage company makes you take out flood insurance. If that is not the case in NC, that is wonderful-we've see enough of those bills to last a lifetime. How can we make sure?
The feds don't require flood insurance in an X zone, and I'm surprised to hear a mortgage company requiring it. The only way to be sure is to talk to a mortgage lender about their requirements. I'm in an X zone, a couple of hundred yards from the Cape Fear River, and I don't have flood insurance.
And everywhere is technically in a flood zone, even if its an X zone.
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