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2013 County-wide Property Revaluation

2013 County-wide Property Revaluation. Results of Dare County’s Revaluation effective January 1, 2013. What Will We Cover Today?. New Preliminary 2013 Tax Base Breakdowns of property values Results of Sales Ratio Studies Revenue Neutral Rate

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2013 County-wide Property Revaluation

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  1. 2013 County-wide Property Revaluation Results of Dare County’s Revaluation effective January 1, 2013

  2. What Will We Cover Today? • New Preliminary 2013 Tax Base Breakdowns of property values Results of Sales Ratio Studies • Revenue Neutral Rate • Percent of Change Among Various Property Types Examples of Individual Properties • Information about Notices and the Appeals Process

  3. Our Property Owners Are Diverse Dare County has 41,067 taxable parcels. • 42% of property owners are Dare County residents • 28% are Virginia residents • 10% are from other NC counties • The remaining 20% of property owners hail from all 50 states, and numerous foreign countries.

  4. What is the Breakdown of Taxable & Exempt Property based on the New 2013 Assessed Values? Exempt Parcels – $2.7 Billion 2013 Assessed Value Total – 42,940 Parcels Taxable Parcels – $12 Billion 2013 Assessed Value 18% of Dare County’s 2013 $14.7 billion assessed value is exempt from property taxes.

  5. How Does the New 2013 Tax Base Compare to the 2012 Tax Base?

  6. What Type of Properties Make Up our Tax Base?

  7. Detail of Property Types

  8. What’s the Breakdown of Land Types? Commercial Ocean and Sound properties have been included in the appropriate water-influence categories.

  9. Detail of Land Types

  10. What is the Breakdown of Property Uses?

  11. Statistical Analysis – All Property Types and Classes

  12. Statistical Analysis – Residential Single Family Condominiums

  13. Statistical Analysis –Commercial Boat Slips

  14. 2013 Assessed Values % of Change from 2012 Values

  15. Average % Change in Assessed Value Single Family Residential- By Area

  16. Average % Change in Assessed Value Vacant Land- By Area

  17. Revenue Neutral Tax RatePer G.S. 159-11(e) • Revenue neutral rate = $0.41 • 5% reserve for appeals • Revenue generated in fy 2012-13 to match fy 2013-14 = $49,033,025 • Average annual growth rate since last revaluation = 1.024%

  18. Comparison of Current (2012) and New Value on an Ocean Influence Residence • This example is an ocean influence home in Rodanthe, built in 2004.

  19. How to Calculate % of Change and Tax Amount • To Calculate the % of change, subtract the • 2012 Value from the New Value and divide the • result by the 2012 Value: • 539,000 – 317,300 = 221,700. • 221,700 / 539,000 = 41% • To calculate the tax, divide the assessed value by 100, and then multiply the result by the tax rate: • 539,000 / 100 = 5390. 5,390 x .28 = $1,509. • 317,300 / 100 = 3173. 3,173 x .41 = $1,301.

  20. Comparison of 2012 Value and New Value on a Soundfront Residence • This example is a soundfront home in Southern Shores, built in 1976.

  21. Comparison of 2012 Value and New Value on a Non-Influence Residence • This example is a home in Manteo, built in 1984.

  22. Revaluation Notice You’ll Be Receiving in the Mail The notice includes general revaluation information, an appeal form, and instructions for filing an appeal.

  23. 2013 Revaluation Notice OWNER’S NAME OWNER’S ADDRESS OWNER’S CITY, STATE OWNER’S NAME

  24. Steps in the Notice & Appeals Process

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