Dare County Reports Major Growth in Property Tax Base

News Summary

Dare County has announced a remarkable 67% increase in its property tax base, now totaling $27.4 billion. This surge is attributed to a five-year revaluation process, reflecting updated property values across the region. Various jurisdictions saw differing growth rates, with some areas experiencing increases as high as 74%. Although property values are rising, tax rates will be set by the Board of Commissioners, meaning higher appraised values do not automatically lead to increased property taxes. Property owners can expect updated value notices by the end of March 2025.

Dare County Experiences a Major Property Tax Base Growth

If you haven’t heard the buzz yet, let us fill you in! Dare County has just reported an incredible surge in its property tax base, with a whopping 67% increase that brings the total to $27.4 billion. This news came to light during a Board of Commissioners meeting held on March 3, 2025, presented by the county assessor, Hosea Wilson. Talk about a big number, right? Just to give you a sense of the growth, last year’s property tax base only hit $16.4 billion!

What’s Behind the Increase?

So, what’s this all about? North Carolina law requires property revaluations to occur at least every eight years, but Dare County likes to keep things fresh and operates on a five-year revaluation schedule. The last time this happened was back in January 2020. The revaluation process involves updating the property values, which means residential, commercial, and vacant land now reflect current market values. This change isn’t simply necessary; it’s beneficial for ensuring properties are valued accurately based on current market realities.

Breaking Down the Numbers

The property tax base growth isn’t a uniform increase; it varies significantly across different parts of Dare County. If you’re curious, here’s the breakdown:

Northern Beach jurisdictions: 55% to 74% increase
Hatteras Island villages: 55% to 62% increase
Roanoke Island: 49% to 69% increase
Dare County mainland: 37% to 69% increase

Among these areas, some places have seen jaw-dropping increases! For example, both Kitty Hawk and Southern Shores experienced a stellar 74% increase. Right behind them, Duck followed closely with a remarkable 73% increase, while Nags Head landed a solid 71% increase. Not to be overlooked, Kill Devil Hills, Wanchese, and Manns Harbor each saw a respectable 69% increase.

On the flip side, there are a couple of areas that haven’t jumped quite as much. East Lake recorded the lowest at just 37%, and Mashoes wasn’t far behind at 42%.

Tax Rates and What This Means for Property Owners

Now, before you start worrying about your property taxes skyrocketing, here’s some good news: the increase in the property tax base doesn’t necessarily mean higher property taxes. The appraised values are separate from tax rates. In fact, the tax rates for unincorporated areas of Dare County are set during the budget process by the Board of Commissioners, which wraps up by June 30 each year.

Each of the six incorporated towns, namely Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, and Manteo, will individually set their own tax rates.

What’s Next for Property Owners?

Feeling anxious about your property’s new value? You won’t have to wait long to know! Property owners can anticipate receiving revaluation notices by the end of March 2025, showcasing their updated appraised values. If you believe the new assessed value isn’t accurate, you do have options! You can file informal appeals with the Dare County Tax Department if you disagree. The informal appeals process will remain available until the Dare County Board of Equalization & Review convenes to decide on appeals.

In closing, the next revaluation in Dare County is slated for 2030, but until then, this property boom signals a thriving market where investments and opportunities are likely to keep growing. It’s an exciting time to be a part of Dare County!