NEW HANOVER COUNTY — Every four years, the New Hanover County Tax Department completes a revaluation process on local properties, in order to assess appreciation and depreciation. The county announced its 2021 appraisals are complete and early estimates show an increase of $13.3 billion.
That’s 30% more from $30.5 billion as reported from January 2020. 2021 total revaluations are estimated around $43.3 billion.
Property owners will receive their property revaluations via mail by the end of February.
“Property taxes are based on value, so it’s important to have all property assessed and reappraised periodically on a uniform bases, since property values change with time,” New Hanover County Tax Administrator Allison Snell said in a press release.
Damages and renovations, as well as real-estate market sales, all impact property value. In New Hanover County, single-family home sales were up in the area by 24.6% according to Cape Fear Realtors, with median sales prices increasing 10.9%, from $290,000 in 2019 to $321,599 in 2020.
North Carolina law requires its 100 counties conduct a revaluation at least every eight years. New Hanover chooses to mail property owners twice every eight years — the last was sent in 2017.
Property owners who disagree with their revaluation will be given the opportunity for appeal, should they choose. They will need to gather information that supports their claims; the county recommends owners research their property values by comparing it against what already sold in the surrounding area and neighborhood.
“Appraisers have assessed 110,000 residential and commercial properties by reviewing photos and measurements and evaluating improvements and deterioration to ensure revaluation is uniform across our community,” tax administrator Snell said.
Appeals on property revaluations can be made through the tax website by submitting a form.
The tax revaluation notices are not a tax bill and do not reflect the property owner’s tax exemptions. Tax bills are mailed in August, according to the county.
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