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Friday, October 24, 2014
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What is revaluation?

North Carolina state law requires local governments to conduct a revaluation at least every eight years. New Hanover County conducted a revaluation in 2011 which took effect in January, 2012. Revaluations ensure the property tax burden is shared fairly, as property values change over time. Without regular revaluations, some property owners could be paying more than their fair share while others may not be paying as much as they should.

The law allows the city to adjust the tax rate so that it will collect the same total amount of revenue it collected before the revaluation. This is called the "revenue neutral" or break even rate.

 

Revaluations may affect the tax rate, but this does not necessarily mean that property owners will pay more or less in taxes. 

That depends on the percent change of the individual property value. If a property value decreased at a greater percentage than the overall tax base, the property owner will pay less. If the property value increased or did not decrease as much as the overall tax base, that property owner will pay more in taxes. 

The city's tax rate is now set at 45¢ per $100, which is a 3¢ increase above revenue neutral. However, even with the tax rate increase, 53% of property owners will still pay less in taxes due to lowered property values.

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