Brunswick County property owners have received their new tax values as a result of this year’s required revaluation process.
Looking at the county as a whole, the median tax value increased 55%, but there were areas that increased less or more than that, said Meagan Kascsak, Brunswick County’s communications director, in an email.
“Property values did not change uniformly throughout the county or even within each city or town,” Kascsak stated in the email. “A lot depended on market conditions and recent sales in a property’s neighborhood.”
She said not all properties in Brunswick County increased in value.
“There are properties that actually saw their values decrease or remain about the same,” Kascsak said.
She added in the March 13 email, “What is very important for property owners to understand is that the percentage your property value increased or changed does not equate to your next tax bill increasing or changing by that percentage. It is actually impossible for any property owner in Brunswick County to determine how their new assessed value affects their property taxes right now because the County, their municipal governments, and/or other public entities that serve properties have not adopted their FY 2024 operating budgets nor have they set tax rates yet (this typically happens in late spring/early summer).”
The current county tax rate is 0.4850 or 48 and half cents per $100 value, meaning the property tax bill for a $200,000 house would be $970 at the current rate.
Revaluations are required by state law, with each county needing to conduct a revaluation at least once every eight years to reflect current market value, according to a frequently asked questions list on the revaluation website,
brunswickcountync.gov/tax-office/revaluation.
“Many counties including Brunswick County conduct their revaluations every four years. The last revaluation was effective January 1, 2019,” the site states.
All property owners have the right to appeal the values beginning Jan. 1 each year.
“The property owner is responsible for supplying information which supports their opinion of market value for the property in question,” the revaluation website states. “If you wish to prove that your value is different from the amount stated on the notice, you can submit an appeal to our Tax Department online, by mail, or in-person.”
Kascsak said the tax office had received around 700 appeals as of March 13.
“With approximately 156,000 parcels, that is about 0.5% of parcels that have sent in an appeal,” she said.
TAX REVALUATION TERMS
Revaluation (also called reappraisal): A revaluation is a routine update to property tax values to bring them back in line with the current sale price of properties.
Fair market value: The price that property would sell for in the open market between a willing seller and a financially able buyer.
Appraised value: An appraised value is assigned to a property by a professional real estate appraiser. The appraised value of a home represents the home’s fair market value (what a buyer might expect to pay if you listed a house for sale on the market).
Assessed value: Assessed value equals the appraisal or fair market value less any deferred or exempt value.
Source: Brunswick County’s tax revaluation website
Brunswick County Special Section
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