By NC law each county must reassess property values to "market" at least every eight years. In early 2013, Dare County property owners will receive a tax valuation notice in the mail. The notice will list their newly assessed tax value of their property.
Do you understand the implications of the new Dare County tax re-evaluation? Well, in re-evaluating all property market values since the last valuation which was done seven years ago, oceanfront properties that saw a huge increase in value years ago will most likely see a dramatic decrease in property value this time around due to the fact that they are experiencing the biggest drop in value. Properties west of the bypass (S. Croatan Hwy) whose property has not greatly changed in value will likely have to pay more in taxes next year.
However, more important than the updated property values is that the Dare County will need to establish a revenue neutral tax rate. Revenue neutral is a taxing procedure that allows the government to still receive the same amount of money despite property valuation changes. Revenue neutral to Dare County means that your property tax rate will most likely NOT remain the same. This allows the revenue that the county receives to effectively remain unchanged (neutral).
Please be informed about this very important issue. Click on the following link to find a question and answer page and a great video about the re-evaluation process:
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Hugh "Scooter" Willey