2020 Dare County Tax Revaluation

    2020 Dare County Tax Revaluation

    Feb 28, 2020

    A 2020 revaluation was recently completed on over 40,000 properties in Dare County, the first mass revaluation since 2013. Now, property owners can expect a notice from the county about their home’s new tax value. Overall, the 2020 total value for all parcels in Dare County was just shy of $16 billion.

    Dare County Facts

    Per the official 2020 Schedule of Values document, Dare County is comprised of 22 Tax Districts which include 6 Towns and over 43,000 parcels. As the largest county in North Carolina by total area, Dare County stretches roughly 110 miles along the shoreline. The total area is 1,563 square miles of which 75% is water and the rest (383 square miles) is land. This includes the areas of Duck, Southern Shores, Martins Point, Kitty Hawk, Kill Devil Hills, Colington, Manteo, Wanchese, East Lake, Stumpy Point, Manns Harbor, Mashoes, Rodanthe, Waves, Salvo, Avon, Buxton, Frisco and Hatteras.

    Why Does the County Conduct a Tax Revaluation?

    The state of North Carolina requires every county to conduct a property revaluation at least every 8 years or more frequently. Dare County opted for a seven-year cycle conducting the revaluation on January 1, 2020 with the last one conducted January 1, 2013. The purpose of the revaluation is “to re-establish the fair market value of each property, and by doing so, re-establish the fair tax burden on each property.” The Schedule of Values goes on to define fair market value as “the most probable price a buyer would pay a seller for property available for sale on the market.”

    What is the Revaluation Process?

    Market value is determined based on two factors: 1) comparison property sales and 2) construction cost and land value less any depreciation. Once the mass appraisal has been completed and analyzed; property owners will receive their new 2020 assessed value via mail which were sent out at the end of February. The next phase of the revaluation is the informal appeals process which will begin on March 10th and gives residents the opportunity to appeal the findings. After appeals are reviewed, a decision is mailed to the resident and further appeals are then handled through the Dare County Board of Equalization and Review which is a board appointed by the Commissioner. Appeals past this level are then taken to the state Property Tax Commission. Tax bills are officially mailed around July. Read the full 2020 Schedules, Standards, and Rules for Real Property Appraisal.

    2020 Revaluation Findings

    Here are a few interesting statistics from the revaluation about properties and tax values in Dare County.

    Property Owners by Residency

    • Dare County Residents: 45%
    • Virginia Residents: 26%
    • NC Residents (not Dare): 9%
    • Other States/Countries: 20%

    Parcels by Type

    • Residential: 35,749 (84% of tax value)
    • Condos & Townhomes: 2,879 (5% of tax value)
    • Timeshares & Co-Ownerships: 156 (1% of tax value)
    • Commercial: 2,144 (10% of tax value)
    • Boat slips: 415 (0.13% of tax value)

    Average Tax Value by Parcel Type

    • Residential: $373,000
    • Condos & Townhomes: $284,200
    • Timeshare/Co-Ownerships: $132,800
    • Commercial: $762,500
    • Boat slips: $48,800

    Assessed Value Change

    • Parcels with a 0–30% increase: 49%
    • Parcels with a 30-40% increase: 18%
    • Parcels with a 40-50% increase: 12%
    • Parcels with a 50%+ increase: 16%
    • Parcels with a decrease: 5%

    Overall, 95% of the 43,000+ parcels had an assessed value that increased. The total assessed value for all parcels in 2020 was $15,915,248,800, a 26% increase overall from 2019. View the Complete 2020 Findings or learn more about the 2020 Dare County Revaluation.

    Outer Banks Real Estate

    With the value of homes in Dare County continuing to increase, now is a great time to talk to an agent at Coldwell Banker Seaside Realty about purchasing property or selling your property here on the Outer Banks. We are here to answer any of your questions so simply give us a call to talk an agent familiar with the local real estate market.