By now, you may have heard from the New Hanover County Tax Assessor’s Office regarding the new valuation of your property for ad valorem tax purposes. But does this mean your taxes will automatically increase by the same amount? The answer is no! The amount you will owe depends on the tax rate set by your municipality, not just the new property value. The purpose of this article is to explain what you can expect from local government, as well as your options for addressing any concerns with the assessor’s office.

First and foremost, it’s important to know that this revaluation is a professionally managed process, with clear procedures in place for you to appeal. From all accounts, the revaluation was conducted thoroughly and accurately, and most property owners can expect a reliable estimate of their property’s market value. Many of us have long suspected that the previous valuations were lower than what our properties would sell for on the market. This revaluation attempts to close the gap between assessed values and actual sale prices, reflecting the growth of property values over the last four years.

Will there be errors or miscalculations in the new values? It’s possible, as with any large-scale assessment, but there will likely be fewer cases of significant errors requiring appeals. If, however, your property’s new valuation seems off, it may be worth considering an appeal.

Is there any good news? Absolutely! Two things will likely work in your favor. First, the appeal process is straightforward, and all the data you need to review your property’s revaluation is available on the Assessor’s Office website. Additionally, there are supplemental resources you can use for assistance. Second, municipalities will probably adjust their tax rates downward in an effort to lessen the impact of higher property valuations. While you may see an increase in your tax bill, it won’t be a dramatic rise. Local governments have long been dealing with a gap in property values, and this revaluation provides an opportunity to align property values with tax revenues. So, if your property’s value increases by 30%, don’t expect your tax bill to follow suit with an equally large hike.

Who will be most affected by the revaluation? Beachfront properties are expected to see significant increases, in part due to their higher value and the principle of large numbers. High-value properties will contribute large sums to tax revenues but may not experience a massive percentage increase. Interestingly, more modestly valued properties are likely to see the most substantial percentage increases in value.

In summary, while the revaluation process might lead to higher property assessments, it doesn’t automatically mean a corresponding rise in your tax bill. Understanding the process, reviewing your assessment, and using available resources can help you navigate the changes smoothly.

So, what if you believe your property’s valuation is too high? Who can you turn to for help?

Start by visiting the New Hanover County Assessor’s website, where you can review your property’s revaluation in detail. If you prefer professional assistance, consider consulting an attorney.

Carolina Revaluation Services, a partnership between The McIntosh Law Firm and Shaheen Law PLLC, is available to help with both residential and commercial appeals. They offer a free initial consultation, and you can reach them at 980-689-4289 or visit their website at www.NCReval.com.