New Hanover County 2017 revaluation update
At a minimum, each of North Carolina’s 100 counties is required to conduct a reassessment of property values (revaluation) every 8 years. In order to best prepare a baseline for budgeting, New Hanover County has elected to follow a revaluation schedule that is more routine than an 8 year cycle. In fact, the county is undergoing a revaluation now, which is intended to become effective January 1, 2017. The last revaluation, which was completed in January 1, 2012, demonstrated that the county’s overall property value dropped by 15 percent or $5 billion as a result of the real estate collapse.
You can find a copy of a PowerPoint presentation that was given to the Board of Commissioners on September 14, at the end of this blog. The presentation which was done by our senior county tax officials outlines where the county currently stands with the revaluation process. Here are some key facts regarding the revaluation effort:
- New Hanover County is conducting its first “full measure and list” since at least the early 1990s, which means each parcel will be physically reviewed;
- New Hanover County has approximately 100,000 parcels that are or will be measured and listed for the purpose of assigning a value;
- New Hanover County began its field work intending to measure and list every parcel in the county in October 2013;
- Appraisers wearing red shirts and carrying identification indicating they represent the County will be working in your neighborhood;
- Appraisers have been to nearly 57,000 residential parcels to date (70.6% of the total number of parcels);
- Appraisers will complete field work, meaning every parcel will be personally evaluated, by the end of April 2016;
- If a homeowner is not home to speak with the appraiser, a hang-tag will be left on the door;
- Additional follow-up by mail will be done so that all residents have an opportunity to provide input;
- New Hanover County Commissioners will set, by public vote, a schedule of values that guide property values in September 2016;
- Property owners will begin to receive their individual tax values from the tax office in January 2017;
- Appeals of property values will begin in January 2017 and can be heard by the Board of Equalization and Review beginning in April 2017.
I hope this summary and the PowerPoint help you understand this important project. Should you have additional questions, please let us know.