Dare County tax office previews 2025 revaluation; countywide taxable value estimated up 67%

Jose, a Dare County staff member in the tax/appraisal office, presented the county's 2025 property revaluation during a recent meeting, saying the revaluation is effective Jan. 1, 2025, that notices will be mailed to property owners by the end of the month and that the countywide taxable value is estimated to have increased about 67 percent.

The presentation explained why Dare County performed a revaluation, how values were derived and how property owners can challenge new assessed values. Jose said the office used 2,898 qualified sales from Jan. 2022 through Dec. 31, 2024, and reported a median sales ratio of 96.8 and a coefficient of dispersion (COD) of 2.15, figures the presenter characterized as consistent with market value and reliable appraisal work.

Jose described revaluation as a mass-appraisal process that brings all real property to current market value as of a specific date — in North Carolina, Jan. 1. He said revaluations are required by state law on a regular cycle and noted Dare County completed revaluations in previous cycles, moving from a seven- or eight-year cycle toward a five-year cycle to reflect more frequent market changes.

The presentation included countywide and neighborhood-level estimates. Jose reported the county's tax base was about $12.6 billion in 2019 and $15.9 billion after the 2020 reappraisal (an aggregate increase of about 26 percent); the 2025 tax base estimate he presented showed an aggregate countywide change of about 67 percent. He gave example percent increases for many areas (selected examples cited during the presentation included Kitty Hawk +74%, Nags Head +71%, Duck +73%, Kill Devil Hills +69%, Southern Shores +74%, Frisco +57% and several other district-specific ranges). Jose emphasized those area figures are aggregate estimates and individual parcels will vary.

The presenter described typical property examples used in the analysis, with several sale-price comparisons showing large percentage increases from 2020 assessed values to recent sale prices (examples cited included a Duck sale with a 58% increase, a Southern Shores sale with a 85%+ increase from its 2020 assessed value to a 2024 sale price, and other sales in Kill Devil Hills, Waves/Way(s), Salvo and Frisco showing increases ranging from roughly 40% to nearly 100% on the examples provided).

Jose explained the difference between appraised value and tax rate: the appraisal sets value as of Jan. 1 while taxing jurisdictions set rates later in the year (typically June). He said tax bills cannot be calculated until the tax rate is set and urged property owners not to conflate a change in assessed value with a finalized tax bill.

The office outlined a three-step informal review before formal appeal: (1) review parcel information and reported characteristics (square footage, number of bathrooms, condition) on the county website or by contacting the office; (2) compare the parcel to sales of similar properties using the county's online comparable-sales tool; and (3) if disagreement remains, file an appeal. Jose said the mailed notice will include a tear-off form that can be used to start the informal appeal process and that informal appeals may be made online, by mail or in person until the Board of Equalization and Review convenes.

By law the Board of Equalization and Review must convene between the first Monday in April and the first Monday in May; Jose said Dare County's board will convene between April 7 and May 5 and that the deadline to submit a real-property appeal is 30 days from the date the board convenes. He described the county's Board of Equalization and Review as a five-member appointed panel (as currently constituted, three real estate agents, a builder and an attorney) that hears appeals after the informal process and may continue to hear appeals during the reevaluation year.

Jose said the office plans to mail revaluation notices by the end of the month and expects tax bills to reflect 2025 values when jurisdictions bill (typically in August). He also said the office intends to offer informal informational meetings where property owners can meet with appraisers and review sales data, though a schedule for those sessions had not been set.

Jose referenced industry standards from the International Association of Assessing Officers (IAAO) when discussing sales-ratio targets and COD guidance. He also noted that other North Carolina counties that reappraised in 2025 reported large increases, listing New Hanover, Johnston, Durham, Lenoir and Cumberland as examples of broad statewide valuation increases.

The presentation closed with an invitation for questions and a reminder that appeal evidence should focus on value (comparable sales, interior/exterior photos, or a recent fee appraisal) rather than a taxpayer's concern about taxes or affordability.