Any owners in Dare County experiencing sticker shock like I am? Got my 2025 assessment in the mail today. It reflects an 80% increase (!) since the prior revaluation was done in 2020. I get that we may reap the benefit of these assessments occurring only every 5 years or so in an appreciating market, but having a tough time stomaching what the tax bill is going to look like this year...

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Kinda dreading seeing it in the mail. We knew it was coming. Heading back to VA this weekend via a stop in for the weekend at son's home in Charlotte and will gather our mail Monday morning. I'm sure our home has doubled in price based on the comps. Additionally, we just got a huge new property assessment on our home in Roanoke County. It never ends.... Double whammy for us. Thanks for the warning.

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I don't own property in Dare. I'm in the piedmont. We got hit in 2022. 75% increase in land value. 50% increase in "improvements" value.

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You're not alone...

www.thehulltruth.com/caro...

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I don't own property in Dare. I'm in the piedmont. We got hit in 2022. 75% increase in land value. 50% increase in "improvements" value.

Crazy!! Your area though is red hot. Not that that's a reason to increase it ridiculously.

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Next up... sorry to say it out loud... insurance.

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Next up... sorry to say it out loud... insurance.

We've already been hit this year with this. Talked to my girl who administers our Dare County insurances through Towne Bank in Kitty Hawk a month ago. She is fantastic. Keeps me in the know all of the time. We send each other Christmas cards. I handle our budget and jump on anything that I hear or read and what randomly shows up in the mail. It wasn't terrible for this upcoming year. Hmmm... I shouldn't jinx myself. Knock on wood.....

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The article was somewhat in error when it said the revaluation occurs every 5 years. The truth is that it must occur between 4-8 years. The last 2 revaluations occurred 8 years after the previous and this year they went at the 5th year since the last one. Why??

Even if your value went up 60-80% that does not mean you will pay more this year. You probably will, but it won't be over 5% is my guess, They will lower the rate they tax you at.

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The plan is to get rid of the riff raff and bring in the high rollers who don’t blink an eye at high property taxes. In fact they love high property taxes as they build their 12 bedroom mansion rentals where there used to be homes occupied by working families who can no longer afford to own property on the Banks bc of the high property taxes.

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Selling homes here, as I do, many buyers express disbelief when I tell them what the prop tax will be. They often say, "is that all?" Compared to many places our taxes are not that bad. No school tax or trash collection charges like many other places.

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Selling homes here, as I do, many buyers express disbelief when I tell them what the prop tax will be. They often say, "is that all?" Compared to many places our taxes are not that bad. No school tax or trash collection charges like many other places.

Tim what do they say when you tell them what their home & flood insurance premiums are going to be?

I'll have to dig around and see what our previous assessment was. Yeah the new assessment looks great now that we are thinking about selling and getting out of here. How realistic is the new assessment? It looks to me like we are in a buyers market here. Are sellers getting their asking price?

PS - We are seniors and the reason we are strongly thinking about leaving is the lack of specialist health care here. Urgent care offices are not enough at this time of life. Same old story.

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I think when we can look back to see when the prices peaked here it will be around last year at this time. I think Dare picked now to do it again because we are at, or near, the peak and it's downhill from here. All they have to do is change the rate they charge per $100 of value to get more money from us, they don't need a revaluation to raise tax rates. Flood insurance is not that expensive, wind is the highest one.

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Even if your value went up 60-80% that does not mean you will pay more this year. You probably will, but it won't be over 5% is my guess, They will lower the rate they tax you at.

I wish that were the case where I'm at. I posted the increase in assessed value above. Property tax bill increased 53% from 2022 to 2023.

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Our property tax increased 58% from $355.592 to $616,000 from 2024 to 2025

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That does not mean your taxes go up that much.

The county is not going to suddenly get an additional 80% of revenue.

We are doing the same thing here in Sussex County. The last appraisal was in 1974. So yeah you have people sitting on 1 Million plus homes that are appraised at maybe 100K.

People are flipping out with their new appraisals. Thing is the millage rate (Factor multiplied to your home value) is going way way way down since it is no longer a 1974 home value.

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Our property tax increased 58% from $355.592 to $616,000 from 2024 to 2025

You mean your valuation went up 58%. Your actual tax amount is not yet decided, that won't be made public until all the appeals are over so they know how much money they need and then they adjust the tax rate to get them the amount the county needs. Mine went up 65%.

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Our property tax increased 58% from $355.592 to $616,000 from 2024 to 2025

Umm... that's 73% (increase in assessed value).

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Hyde County reassessed last year and our little cottage went up 73.47%.
I'm glad we didn't buy something twice the size. Ocracoke is expensive enough as it is.

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Our property tax increased 58% from $355.592 to $616,000 from 2024 to 2025

Umm... that's 73% (increase in assessed value).

Sorry....had to check the math... you're right. I'm obsessed. $355,000.00 x 1.736. Voila!

Not that I doubted you at all. I just had to work it.

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I had to look up what my previous assessment was to compare it. The assessment went up 48% for a 47 year old beach box on the west side of the highway in KDH.

Time to start saving al the aluminum cans to scrap lol

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I just checked my old vs new and I went up 85% - dang. They said Kitty Hawk went up more than most. Why???

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So. Is anyone thinking about doing an appeal? Ours went from 552,600 to 1,113,400. Seems excessive.

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Check your comps...unfortunately, most of the assessment claims jive.

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So. Is anyone thinking about doing an appeal? Ours went from 552,600 to 1,113,400. Seems excessive.

You have to ask yourself, if you were to sell your home today, what would you price it at?

Has nothing to do with what it used to be appraised at.

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NO SURPRISE... We live in one of the most expensive and desirable environments in the country... and do so by choice... The Dare County OBX is where people WANT to see, visit and live... People PAY to get here, even as tourists. Our already HIGH Appraised Real Estate values went UP over 60 % in the recent periodic evaluation for Dare County overall... Individual tracts and locations varied, of course, but generally property is more valuable in Dare County today than it was 5 years ago....

Here's a link to the recent county wide revaluation results ... read it and weep or rejoice; YOUR Real Estate is worth MORE $$..
Click to follow link...

Whether your TAXES go up , or not, or how much, will depend on how OUR County Politicians set the TAX RATE, so you should let them know how you feel....

What WILL be effected is your Insurance... If your property is going to cost MORE to REPLACE due to its increased "Value" , you are now UNDERINSURED, and the carriers and underwriiters, AND MORTGAGE HOLDERS, will want to raise your coverage and charge you accordingly. let the STATE politicians and Insurance regulators know how you feel about the coming insurance costs...

Good Luck !

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