Understanding the 2025 Dare County Property Revaluation

The Dare County Tax Department has officially announced the upcoming 2025 Dare County property revaluation, which will take effect on January 1, 2025. This periodic update is required by North Carolina law to occur at least once every eight years; however, Dare County now operates on a five-year revaluation schedule, with the last one completed in January 2020.

But what exactly does that mean, and how will it affect you? Let’s break it down.

❓What Is Revaluation, and Why Is It Done?

👉Revaluation is the process of updating real property assessed values to reflect their current market value. Market value is the most probable price a property would sell for in an open and competitive market.

The primary purpose of revaluation is to ensure that property owners are paying their fair share of taxes based on accurate property assessments. This process helps distribute the tax burden more equitably, ensuring that all property owners contribute fairly to the services their community provides.

❓How Are Property Values Established?

👉There are three common approaches used to determine property values during a revaluation:

1. Sales Comparison Approach - Compares your property to similar properties that have recently sold.

2. Cost Approach - Determines how much it would cost to replace your property with a similar one, factoring in depreciation.

3. Income Approach - Used primarily for income-producing properties, assessing value based on the income they generate.

❓Will My Taxes Increase Because of Revaluation?

👉Not necessarily!

While your property’s assessed value may change, the amount of property tax you pay depends on both the assessed value and the tax rate set by the Board of Commissioners. The tax rate is a flexible amount, typically established by June 30 of each year.

❓What If I Disagree with My Property Value?

👉If you believe your property’s assessed value is incorrect, you have the right to appeal. Property assessments can be appealed each year for the current tax year.

🧐Revaluation ensures that property taxes are fairly distributed based on current market conditions. While it may impact your property’s assessed value, it does not necessarily mean higher taxes. If you have concerns, stay informed, review your assessment, and utilize the appeal process if necessary.

For more information, visit https://www.darenc.gov/departments/tax-department/2025-revaluation