What to Know about the New Dare County Tax Assessments

Dare County Revaluation Tax Assessments were mailed out a few days ago, but do not panic! The tax assessed value did almost or more than double for a lot of Dare County property owners, but that does not mean your actual property taxes will also double.

The state of NC requires the county to evaluate tax rates every 8 years at a minimum. The last time Dare County revaluated was in 2020, so we are currently on a 5 year cycle.

However, the assessed value is not the only thing that will change. North Carolina is a revenue neutral state, meaning the tax rate will also adjust. Your actual property taxes are calculated by taking your (tax assessed value / 100) * your tax rate.

Once the new budgets are ready, the new tax rates will be released. Your property taxes for 2025 will then be based on the (new assessed value / 100) * the new tax rate. Your total property taxes will most likely increase, but should not increase anywhere close to the new assessed values increase.

The new tax rates should be determined in June, and then the tax bills for 2025 will be mailed out around September and due by January 5th of the following year (2026) as we pay our taxes in arrears here in Dare County.

You can certainly dispute your new tax assessed value, but again it does not mean your property taxes are doubling. Most property values in Dare County have almost doubled since 2020, so your new tax assessed value may be fairly accurate. The new tax assessed value is not the same as an appraised value, and if you decide to dispute the new tax value you may want to consider having a private appraisal done to support your dispute and have a better understanding of your property value in today’s market.

You do have 30 days to complete an appeal from the time of notice, so unfortunately, you cannot wait until the new tax rates are released to determine if you would like to make an appeal.

I am always happy to answer any other questions you may have on the new tax assessed values, so feel free to reach out directly anytime! 252-599-6814