County Tax Assessment

Recently, in both Dare and Currituck counties tax assessments went down an average of over 20%.  The reason for the large change in tax assessments is that neither Dare or Currituck counties has re-assessed property since 2005. NC state law requires that counties re-assess all property within their borders just once every 8 years. Both counties waited until the last possible moment.  Another difference in these tax assessments when compared to many other areas is that the tax assessments are based on market value on one specific day for the entire county.  That day does not change until the next assessment is completed. Tax assessments will not change based on a new sale or a current appraisal.  Unfortunately, having so much time between assessments hurts the value of that information. Relying heavily on this information when buying or selling OBX real estate could cost you $$! 

For what it's worth, a Buyer or Seller might want to acquire as much current and factual information as possible from a trusted real estate professional familiar with the market before making a decision on such a large investment!
  • August 02 2013 - Duck
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Answers (2)

Profile picture for Outer Banks N C
Actually the NC State law says the reassessments must, and can only occur, every 4 to 8 years. No sooner than 4 years and no longer than 8 years. They waited the max of 8 years this time.

My rental property value dropped 14% on my semi oceanfront and the new tax went up $750 or 20%.


Tim Moore
Joe Lamb Realty
  • August 02 2013
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Profile picture for jdumble
If it was truly revenue neutral (as promised) your taxes would not have gone up at all.  In Currituck County, my taxes went up 17% while my property value dropped 20%.
  • September 29 2013
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