North Carolina law requires all counties to reappraise or revalue real property at least once every eight years. The purpose of a revaluation is to reestablish equity among all properties and to equalize the tax burden among all classes of property. A revaluation ensures property owners are paying their fair share of taxes for services rendered by local governments. Dare County's previous revaluation took effect in 2020. 

Dare County is required to develop and use standards, rules and procedures that are applied equitably to similar types of properties. These standards are developed based on market value transactions that have occurred within the county, construction costs and analysis of conditions affecting our local market prior to the date of the most recent countywide reappraisal. 

The assessed value of your property, established as a result of the revaluation, should represent the price a typical buyer would be willing to pay for the property in its condition on January 1 of the year of the most recent countywide reappraisal, which will be January 1, 2025.

Depending upon the data available and the type of property being appraised, there are several methods an appraiser may use to determine value such as the sales comparison approach, the cost approach and the income approach.

Sales Comparison Approach – This method, which is the most commonly used approach, compares your property with similar properties that have sold recently.

Cost Approach – This method determines how much it would cost to replace your property with a similar one less any depreciation.

Income Approach – This method determines the value of income-producing properties, such as apartments, based upon the amount of income the property or properties generate.

Reappraisal is a lengthy process that takes multiple years to complete. As part of the process, appraisers review information currently in the tax records about each property and then visit the property to verify accuracy. The appraiser may or may not actually drive onto your property and come to your door, depending upon whether he or she sees a discrepancy in our current listing data.

Periodic reappraisals help ensure a fair distribution of the tax burden among taxpayers. The more frequent appraisals will recognize the fact that different properties increase or decrease in value at different rates.  The more frequently a reappraisal is held, the more equitable the tax burden among property owners since these properties that appreciate or depreciate at different rates are appraised at their current market value more often.

Additional Reasons to Advance the Reappraisal Cycle

It generally will reduce “sticker shock” for taxpayers. Values for residential properties are not apt to rise or fall as rapidly in a four-year cycle versus an eight-year cycle. The level of assessment between personal property and real property remains more equitable by conducting more frequent reappraisals. Personal property is required by law to be appraised at 100% of its market value every year; whereas, real property is only at 100% on the year of reappraisal. The more years between reappraisals, the more distorted the values become, therefore creating an inequity of the tax burden among taxpayers.

The Dare County Tax Department will mail reappraisal notices to property owners in March 2025.

Real property assessments can be appealed each year for the current tax year. Valuation appeals can be considered based on the January 1, 2025, fair market value. Appeals must be made prior to the date that the Dare County Board of Equalization and Review adjourns for the year. (North Carolina General Statute 105-287).