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About the Revaluation

The next countywide revaluation is scheduled for January 1, 2025.

The primary purpose of revaluation, mandated by North Carolina law, is to align property assessments with their fair market value, which is the most likely selling price in a competitive and open market. Since property values do not fluctuate uniformly, regular revaluations ensure that the assessed values reflect current market conditions, preventing disproportionate tax burdens on property owners.

Property taxes in Dare County are derived from two key components: the assessed value of the property and the tax rate per $100 of value, determined annually by elected county and municipal officials. These taxes constitute the county's largest revenue source, funding essential services such as public education, emergency medical services, public health, law enforcement, affordable housing and various community programs.

By conducting these periodic revaluations, Dare County ensures that all property owners contribute their fair share to the community's well-being and infrastructure, maintaining fairness and equity in the property tax system.

Revaluation Process:

There are four main steps in a revaluation: neighborhooding, land and building pricing based on sales data, field and office reviews, and notice of assessment and appeal review.

Neighborhooding

 Neighborhooding takes place when the county’s approximately 43,900 parcels are divided into about 2,400 neighborhoods based on similar market, economic and geographic conditions, such as a subdivision where homes are all about the same age, style and quality of construction. These properties are reviewed together because they typically react to the market in similar ways.

Land and Building Pricing

In the land and building pricing phase, property sales of both homes and land are analyzed to establish appropriate land values, building grades and the influence of various property characteristics. 

Field and Office Review

In the field and office review phase, appraisers review the proposed rates by visiting neighborhoods and properties around the county. The rates and value ranges established by these analyses are compiled into the Schedule of Values (SOV). The Dare County Board of Commissioners must approve the SOV created by the Tax Appraisal Department before it becomes effective.

Notice of Assessment and Appeal Review

The results of the revaluation are presented to the Dare County Board of Commissioners, and value notices are mailed to property owners. Taxpayers will have the option to make an informal appeal to Tax Appraisal staff by returning the completed appeal form in the mail or completing an appeal online. Taxpayers can appeal their values formally to the Dare County Board of Equalization and Review. The Dare County Board of Equalization and Review will send notice with their decision. If the result was not what the taxpayer wanted, they may submit an appeal to the North Carolina Property Tax Commission.