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Tax administrator reports strong collections; county flagged for 2028 revaluation after sales ratio falls to 81%
Summary
Craven County’s tax administrator reported a $59.75 million net levy for 2024 and a collection rate of 99.25% at the July 21 board meeting; the county was notified its sales ratio has fallen to 81%, triggering planned work for a 2028 revaluation.
Craven County Tax Administrator Leslie Young reported to commissioners on July 21 that the county’s net tax levy for tax year 2024 was $59,752,810.82 and that collections totaled $59,269,444.01 through the settlement period.
Young said the county’s collection rate as of June 30 for tax year 2024 was 99.19%, and she updated the board that the rate stood at 99.25% at the time of the meeting. She highlighted that total releases, refunds and write-offs for the period amounted to $156,045.17 and characterized that lower number as an indicator of the tax office’s accuracy and quality control.
Young reported growth in registered personal property: 105,584 registered motor vehicles for the fiscal year (up from 102,631 the prior year) and 7,297 watercraft, an increase of 118 boats year-over-year. She said motor vehicle valuations were approaching larger aggregates and indicated these figures would factor into the 2028 countywide revaluation.
On revaluation timing, Young told commissioners that the next countywide revaluation is scheduled for 2028 and that the North Carolina Department of Revenue has notified the county its sales ratio has fallen below the 85% standard to 81%. Young described the sales ratio as the relationship between assessed values and market sale prices and said the 81% ratio indicates that, on average, appraised values are about 81% of sale prices countywide. She noted the county is under a mandate and that the office is preparing for the 2028 revaluation work.
Commissioners moved and approved the tax settlement and charged the tax collector with collection of the 2024 levy. Young said tax notices for 2025 were scheduled to mail July 31.
Why it matters: the settlement numbers and the Department of Revenue notice set the framework for planning the 2028 revaluation and for municipal budget and revenue forecasting.
