Print
WilmingtonBiz Magazine

Editor's Note: Just How Much Is A Home Worth?

By Cece Nunn, posted Mar 24, 2021
Recently, we received the latest tax assessment for our house in Hanover Heights, an aging Wilmington neighborhood (our house was built in 1958) of mostly small ranch houses that used to be in a highly sought-after price range. But those prices are going up, up and up, even for the smallest of houses.
 
New Hanover County’s website explains the reassessment process in-depth, saying, “North Carolina law requires each county to conduct a revaluation at least once every eight years. New Hanover County has implemented a four-year plan for its revaluation programs to better reflect changes in market conditions that exist in the county. This process will help ensure that taxpayers are paying appropriate taxes for property, based on the changing property values that occur during periods of growth or economic downturn.”
 
But what does it all mean for prices if someone wants to sell their house?
 
Tony Harrington, a broker and appraiser who owns Wilmington-based The Property Shop International Realty, said tax assessments don’t necessarily correlate with the market value of the properties in the region.
 
“Sometimes it does; sometimes it doesn’t,” he said.
 
For those who don’t believe their assessment is correct, there’s an appeal process outlined on the county’s website.
 
“I’ve had several people call me recently saying they want to use an older appraisal within six months to support what they feel like, from a homeowner’s perspective, their house is worth,” Harrington said. “Old appraisals are not going to work; you’re going to have to have a more current appraisal to be able to counter the county on a reassessment.”
 
The value of a house can be an emotional one. My house only has one bathroom for four people and could use a lot of work, but the memories that have been made here are priceless. Not to mention the fact that even if I sold my house, it would be difficult, if not impossible, to find something in my price range. That challenge is noted in an article on affordable housing in this year’s real estate magazine and in an article on the influx of new residents in the area.
 
With the pandemic keeping some people at home for so many months, I can see how residents might get tired of the houses they have. For me, though, for now, my house isn’t perfect, but it’s home.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris coudriet

New Hanover County Is Top In The Nation For Good Governance, Innovation And Best Practices

Chris Coudriet - New Hanover County Government
Dane

No Surprise Billing? New Rule Issued.

Dane Scalise - GriffinEstep Benefit Group
Lyleheadshot2017 1251720228

Can A Nonprofit Make A Profit?

JC Lyle - Wilmington Area Rebuilding Ministry

Trending News

TRU Colors CEO Issues Statement About Fatal Shooting

Vicky Janowski - Jul 25, 2021

TRU Colors Investor Molson Coors Responds To Weekend Homicide

Christina Haley O'Neal - Jul 26, 2021

UNCW's Swain Center Moving To New College Road Location

Christina Haley O'Neal - Jul 26, 2021

In The Current Issue

Info Junkie: Michelle Fogle

Fleet Feet Wilmington owner Michelle Fogle's reading recommendations and app picks for running and running her business....


Generating Privacy And Leads

Wilmington-based Reignlist launched a new platform last month that aims to deliver solutions to how information is shared within other real...


Taking Stock Of Ncino, Live Oak

Over the past year, the stock prices of Wilmington’s two public fintech companies have followed opposite trajectories....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100