Dare County assessor outlines 2025 revaluation as countywide taxable base jumps an estimated 67%

Dare County's tax assessor summarized a multi'year revaluation process Monday and warned property owners that assessed values tied to market conditions as of Jan. 1, 2025, will be used to calculate tax bills until the next revaluation.

The assessor said the county considered 2,898 qualified sales from Jan. 2022 through Dec. 31, 2024, and produced a countywide estimated taxable base that increased about 67% from $16.4 billion to $27.45 billion. "By the end of this month, we will send value notices to all our county property owners," the assessor told the Board of Commissioners.

The change matters because North Carolina law requires periodic reappraisals to distribute the tax burden based on current market value; the assessor said the state statute has historically required reappraisals and that Dare County has moved to a five'year cycle. The assessor said the county'wide median sales ratio for the analysis was 96.8% with a low coefficient of dispersion, meaning the office'wide appraisals align closely with sales used in the analysis.

The presentation explained how revaluation is a mass'appraisal process that: (1) collects property characteristics, (2) analyzes comparable sales to identify market trends, and (3) applies schedule values to all parcels. The assessor emphasized that not every property will change by the same percentage and gave examples of recent sales whose assessed values rose by varying amounts depending on location and quality. Examples cited included properties in Duck, Southern Shores, Kill Devil Hills, Frisco and Stumpy Point with illustrative increases ranging from about 40% to nearly 100% on individual parcels.

The assessor reviewed the informal and formal appeal steps and urged property owners to review their property data online and to provide credible evidence if they file an appeal. "If you see anything that does not look correct, like square footage, condition, things like that, that can be reported online or it can be reported to our office," the assessor said.

Key dates given: the revaluation effective date is Jan. 1, 2025; notices will be mailed by the end of the month; the Board of Equalization and Review must convene between the first Monday in April and the first Monday in May; and tax bills are typically issued in August reflecting the 2025 values.

The assessor said office staff will hold public informational sessions after notices are mailed so residents can speak to appraisers, review comparable sales and ask questions in person. He also described tools on the county website for verifying characteristics and comparable sales, and reminded residents that appeals must be value'based, not driven by concerns about tax rates or the size of any eventual tax bill.

Officials who asked questions and the assessor noted that the revaluation applies to all real property types, including single'family homes, condominiums, boat slips and timeshares. The presentation included a note that values remain subject to correction prior to notice mailing if new information is discovered and are always subject to the appeals process.

The board did not take formal action on the revaluation during the presentation; the assessor said notices will be mailed and the informal appeal process will begin when residents receive their notices.

The assessor closed by offering his contact information and reiterating that staff are preparing outreach to help residents understand the results and determine whether to appeal.