New Hanover County Manager Chris Coudriet has announced the county will undergo a reassessment of property values over the next year in preparation for future county budgets. County appraisers have been to nearly 57,000 residential parcels to date – about 70.6 percent of the total number of parcels. Appraisers expect to have the reassessment competed by April 2016.
According to a release from Coudriet, “at a minimum, each of North Carolina’s 100 counties is required to conduct a reassessment of property values (revaluation) every eight years. In order to best prepare a baseline for budgeting, New Hanover County has elected to follow a revaluation schedule that is more routine than an eight-year cycle.”
“In fact, the county is undergoing a revaluation now, which is intended to become effective January 1, 2017. The last revaluation, which was completed in January 1, 2012, demonstrated the county’s overall property value dropped by 15 percent or $5 billion as a result of the real estate collapse,” he said.
Coudriet provided some key facts to the revaluation effort, including:
- New Hanover County is conducting its first “full measure and list” since at least the early 1990s, which means each parcel will be physically reviewed.
- New Hanover County has approximately 100,000 parcels that are or will be measured and listed for the purpose of assigning a value;
- New Hanover County began its field work intending to measure and list every parcel in the county in October 2013;
- Appraisers wearing red shirts and carrying identification indicating they represent the County will be working in your neighborhood;
- If a homeowner is not home to speak with the appraiser, a hang-tag will be left on the door;
- Additional follow-up by mail will be done so that all residents have an opportunity to provide input;
- Property owners will begin to receive their individual tax values from the tax office in January 2017;
- Appeals of property values will begin in January 2017 and can be heard by the Board of Equalization and Review beginning in April 2017.
For more information on property tax revaluation you can view the presentation given to county commissioners by senior county tax officials during the September 14 meeting here.