Dare County has recently completed the much talked about property tax revaluation, which took effect January 1, 2013. The last revaluation occurred in 2005, and if you’ve paid any attention to the real estate market in the last several years, you’ll understand that your property’s market value and its tax-assessed value might be vastly different.
Effects of Revaluation
North Carolina law requires that at least once every 8 years each county re-appraise all residential and commercial properties. The purpose is to be certain that the valuations reflect fair market value. This is especially important today, as most properties will have been affected by the fluctuations in real estate values over the past several years.
The goal of revaluation is simple-- to re-establish equity among properties in the area and be certain that the tax burden is shared equally. In the end, some taxpayers might be paying more, and some less, but it’s important to remember that this process will be revenue neutral. Meaning, while the tax burden might move around a bit, the county can’t afford to have a big revenue short fall.
According to the Dare County website, you should expect to receive you revaluation notice early this year. If you feel that your new assessed value is incorrect, you can appeal. To find out about that process or to learn more about this recent revaluation, contact the Dare County Property Appraisal Office at 252.475.5940.