Tax Revaluation is the re-appraisal of all real estate in Dare county which includes residential and commercial improved properties, as well as vacant land. North Carolina law requires counties to reappraise all real estate property at least once every 8 years to reflect the current fair market value.
Â§Â It began January 1, 2013
Â§Â Fair market value will be determined by â€œthe price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all uses to which the property is adapted and for which it is capable of being used.â€ â€“ North Carolina General Statute 105-283
Â§Â Standards of valuation will be based on recent transactions within the county, the cost of construction, and an analysis of current market conditions. This should bring a value consistent to the value of your home, if it sold today.
Â§Â The reason for the revaluation is to equalize taxes for all homeowners in the state of North Carolina. In other words â€“ everyone gets to pay their fair share of taxes.
Â§Â The revaluation will be performed by the Real Property Appraisers from the County Property Appraisal Office in Dare County, who are certified by the North Carolina Department of Revenueâ€™s Property Tax Division and are recertified every two years. These appraisers will review EACH property. The appraisers will review your property using the information from current tax records and your property will be revalued based on their review.
Â§Â Your propertyâ€™s tax value may stay the same, go up or go down. This revaluation is not an across the board rate hike. It does depend on the market conditions of the area. You will be mailed a copy of your propertyâ€™s revaluation noting the new assessed value and instructions should you want to appeal their finding.