New Hanover County plans property tax reassessment amid rising property values

New Hanover County Schools' Finance Committee convened on February 28, 2025, to discuss critical financial updates and the implications of a recent property reassessment. The meeting highlighted a significant 21% increase in costs since 2021, prompting discussions on how to maintain service levels while addressing rising expenses.

A key focus was the upcoming property reassessment, which is expected to show an average increase of 65% in property values across the county. However, officials emphasized that this does not necessarily mean a proportional increase in property taxes. The committee is considering a revenue-neutral tax rate to ensure homeowners are not burdened by higher taxes despite increased property values.

The committee also addressed the importance of balancing tax rates with the need for funding educational services. Currently, 40% of the county's budget is allocated to schools, including public and charter institutions. Discussions included the potential for increased revenue from the reassessment, which could benefit educational funding, although the exact figures remain uncertain.

The meeting concluded with a commitment to transparency and community engagement, with future budget discussions scheduled for March 6, 2025. The committee encourages public participation, emphasizing the importance of collaboration in addressing the financial needs of the school system and the broader community.