2013 Revaluation Project Results

Recently I posted about the 2013 Revaluation Project for Dare County, well the figures are in and it appears property values declined 29% across the board in housing, business and land, according to Greta Skeen, Dare County Assessor.

It looks like most property owners will see a decrease of their property values. HOWEVER, this may not mean lower taxes. Back in 2005, when property values jumped dramatically, valuable ocean front properties took most of the tax hit sparing high tax increase for many local homeowners. The County actually postponed revaluations in 2008 when the housing crisis was at its peak.

Now some property owners will see an increase, some will see a decrease – it equals out countywide. Because property values decreased substantially since 2012 – $11.9 billion in 2013 from $16.9 billion in 2012 and in order to compensate for the difference, the new tax rate, which is called the revenue neutral rate, will need to increase from 28 cents per $100 of value to 41 cents per $100 of value. (This does not include special districts in incorporated areas or taxes charged by individual towns.)

In a presentation to the Dare County Board of Commissioners, Skeen provided examples of the tax impact on three different houses:

  • An oceanfront house in Rodanthe previously valued at $539,000 was assessed at $317,300 this year, a 41 percent decrease.      Last year’s tax bill was $1,509. This year if the revenue neutral rate is used: $1,301, which is a $208 decrease.
  • A soundfront house in Southern Shores valued at $706,000 last year dropped to $566,7000, a 20 percent decrease. Under              the revenue neutral rate, the owner would pay $346 more a year — $1,977 in 2012 versus $2,323 in 2013.
  • A house in Manteo that was built in 1984 and valued at $242,800 dipped in value to $169,500, a 30 percent decline and roughly the countywide average. The owner will be paying $15 more a year under a revenue neutral rate — $695 this year compared to $680.

Property owners can appeal their revaluations. Instructions are included in the information the county will send out next week.