Dare County prepares for 2025 property revaluation and updates market value assessments

Dare County's Tax Assessor unveiled the results of the 2025 countywide property revaluation during a recent government meeting, emphasizing the importance of accurate property assessments in ensuring equitable tax distribution. The revaluation, effective January 1, 2025, is mandated by North Carolina law, which requires counties to conduct property appraisals every eight years. However, Dare County has opted for a more frequent five-year cycle to better reflect current market conditions.

The Tax Assessor explained that real property encompasses various types, including residential, commercial, and industrial properties, as well as unique assets like boat slips and timeshares. The goal of the revaluation process is to align property values with the most probable prices in an open market, ensuring that all properties are assessed fairly based on their current market value.

Key to this process is the collection and analysis of property data over time, which helps to identify market trends and establish a schedule of values. The Assessor noted that the county is responsible for appraising approximately 45,000 individual parcels, a task that requires statistical analysis rather than individual property assessments due to the sheer volume.

Property owners will receive notifications of their new assessed values by the end of March, which will be used to calculate tax bills until the next revaluation. The Assessor also highlighted the importance of an appeals process for property owners who may have concerns about their assessments, ensuring that all voices are heard in this critical process.

As Dare County prepares for this significant revaluation, the Tax Assessor reassured residents that the methodology used aims for accuracy and reliability, adhering to industry standards set by the International Association of Assessing Officers. The county's commitment to transparency and fairness in property taxation remains a top priority as it moves forward with these changes.