Dare County Property Tax Base Sees Dramatic Increase in 2020

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News Summary

Dare County’s property tax base saw a remarkable 26% increase in 2020, reaching a total value of $15.92 billion. This rise was spurred by the county’s proactive approach to property revaluation every seven years, ensuring fair assessment practices. Despite the increase, property tax rates will remain revenue-neutral. Significant growth varied by area, while the residential market continues to dominate. Property owners have the opportunity to appeal their assessed values before the deadline in March 2020, ensuring equitable property assessments across the board.

Dare County Property Tax Base Sees Dramatic Increase in 2020

Welcome to the warm shores of Dare County, where the heart of North Carolina’s Outer Banks beats! Our charming county just got some exciting news about property values, and we want to break it down for you. On February 18, 2020, the Dare County Board of Commissioners received a report that would certainly turn some heads—our property tax base has jumped by a whopping 26%!

Zooming Up to $15.92 Billion

You may be wondering what this means for our lovely coastal community. The new total value of the property tax base now stands at an impressive $15.92 billion. Thanks to a state law that requires property revaluations every eight years, Dare County decided to get ahead of the game and conduct this evaluation every seven years instead. It’s a great move to keep things fair and square.

A Look at the Numbers

On average, property values in Dare County have increased by about 3.7% each year over the last seven years. However, as exciting as this increase is, it’s essential to understand that this does not directly translate to a property tax increase. Rather, our county commissioners are obligated to publish a revenue-neutral tax rate during revaluation years. This just means that, unless otherwise decided, new revenue will not be generated for the upcoming fiscal year.

How Property Values Stack Up

The valuation process is thorough—assessors visited all 41,343 parcels across the county using the sales comparison approach. They looked at property sales data from the last four years to get an accurate reading. As a result, some areas have seen quite the variety in growth. For instance, the sweet spots of Duck and Martin’s Point experienced the lowest increases at just 16%. In contrast, Mashoes soared to a staggering 52% increase, and Wanchese followed closely with 47%.

Property Types and Their Values

When you dive into the specifics, the data reveal some intriguing nuggets about different types of properties in the county. The residential market leads the pack, boasting 35,749 parcels with an average value of $373,300. Meanwhile, condos and townhouses come in with 2,879 parcels with a mean price of $284,200. Moving on to commercial properties, there are 2,144 parcels averaging around $762,500.

Appealing the Assessment

Came February 25, 2020, the county mailed out 2020 Notices of Assessed Value to property owners. If you believe your property has been assessed at an incorrect value, don’t fret. There’s an appeals process! Submissions can be made via mail, electronically, or in person until March 17, 2020. It’s all about keeping the property values fair and accurate for everyone.

Getting into the Details of Property Valuations

About 45% of the notices went to property owners right here in Dare County, while 26% found their way to Virginia, 9% to other North Carolina counties, and 20% to owners from various states and even foreign countries. Additionally, it’s interesting to note that around 15% of the properties are tax-exempt.

Land by the Water

For those who love ocean views, oceanfront parcels saw an increase of 28%. While commercial parcels leaned towards a 24% rise, the overall value of vacant land in the county has hit a substantial $710 million, making up 4% of the total property value.

Keeping it Fair

The primary goal of this revaluation system is to ensure equity among similar properties. As of January 1, 2020, the average assessed-to-sale ratio for residential properties stands at a noteworthy 99.6%. This indicates that the assessment values are aligning closely with actual market prices, which is a big win for everyone involved!

For more information on this year’s assessment and details on the appeal process, be sure to check out the dedicated revaluation page on the Dare County website. As the budget process continues, we are bound to see how these exciting numbers will impact our county overall!

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Author: STAFF HERE OUTER BANKS WRITER

The OBX STAFF WRITER represents the experienced team at HEREOBX.com, your go-to source for actionable local news and information in the Outer Banks, Dare County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Outer Banks Seafood Festival, NC VIP Fishing Tournament, and NCBBA Red Drum Tournament. Our coverage extends to key organizations like the Outer Banks Chamber of Commerce and Outer Banks Community Foundation, plus leading businesses in tourism, retail, and hospitality that power the local economy such as Kitty Hawk Kites, Outer Banks Mall, and Avon Fishing Pier. As part of the broader HERE network, including HEREAsheville.com, HERECharlotte.com, HEREGreensboro.com, and HERERaleigh.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.