As is the case in all areas of the country, real property values are regularly updated in order for the municipalities to establish the tax rates for annual real estate taxes. On the Outer Banks this is required by statute to be completed no less than once every 8 years. Both Dare and Currituck counties are complete with the process and are sending these new assessments to the owners of record. First to complete this is Dare County. The process is very similar for both counties. Once the owner receives the new assessed value, there is an appeals process that allows for the owner to challenge the new value. The process was presented to the Dare County Commissioners at a meeting in February and it is an excellent review of not only the process but shares a good glimpse of the entire county and the mix of ownership. See the county tax reassessment presentation below.
At Windswept Properties we can provide you as an owner or a buyer with our opinion of value based on market issues that continue to change. Keep in mind that these assessments were done at the bottom of the market and will remain at this level until a new assessment is done during the next 8 years. As a result, we will hopefully be seeing improvements in values versus these numbers.
As more information is provided for Dare and Currituck Counties, we will add it to this site, so be sure to check frequently for updates!
Dare and Currituck County 2013 County Tax Reassessment Information