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Tax 2021 Revaluation

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1. What is the purpose of the revaluation program?

The primary purpose of a revaluation program is to fairly reflect the value of all property in the county. A revaluation provides equalization among all property owners, as well as among all classes of property across the county. 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. The revaluation program is not intended to increase revenue for the county. It is in place to ensure that each property owner pays their fair share of the cost of services rendered by local government, based on the value of their property.

2. When do the new property values go into effect?

The new values became effective on January 1, 2021 and will be reflected in the tax bills property owners receive in August of 2021.

3. What is the difference between Reappraisal and Revaluation?

Nothing. NCGS 105-286 states that each county must reappraise all real property at least once every eight years. The Reappraisal process is appraising or valuing property at its true market value as of a certain date in time. Many tax offices will use the term 'revaluation' instead of 'reappraisal' and one is not more right than the other. We will see the term 'reappraisal' referred to in the statutes while simultaneously referring to it as a 'revaluation' internally. Both mean the same, one is just more formal than the other.

4. How will I be notified of any property value change?

The New Hanover County Tax Department will mail out the 2021 Notice of Assessed Values to all New Hanover County residential and commercial real property owners in early 2021.  This notice will inform taxpayers of their new property values for the 2021 tax year. The notice is not a tax bill. Tax bills will be mailed out in August 2021.

All real property values can also be viewed on the NHC Tax Department's Property Assessment website.

5. What was the process for determining my property value?

New Hanover County goes to great lengths to get a true and accurate value of each property in the county. New Hanover County tax appraisers visit residential and commercial properties in the county, photograph properties, educated citizens, take measurements, and evaluate improvements or deterioration to the property. The appraisers currently review and assess over 110,000 parcels and use proven methods for analyzing comparable properties and other factors affecting property value. Each property is appraised using the same method, applied uniformly across the county.

The Tax Department has made available online, Property Tax Questionnaires and Sales Verification forms for citizens to fill out to better assist us confirming their property and/ or sales information. The purpose of these forms are to verify sales information along with square footage, number of rooms and bathrooms, and other important details. All of the completed forms and questionnaires are reviewed by staff, and follow-up calls and visits are made when necessary to address concerns and to make sure property information is accurate. From all of this information and thorough extensive research, New Hanover County's appraisers are able to determine the value for each property.

New Hanover County Tax Office used a modified cost method for all properties. The exception to that is Low Income Housing Tax Credit program (LIHTC) apartments which are valued on the income approach.

6. Where did New Hanover County get their comparable sales and or basis for value?

New Hanover County looks at all comparable sales within a revaluation cycle that are considered to be "arm's length transactions". This means that neither party involved in the sale is acting under duress. These sales, used along with our modified cost method, determine the basis for the valuation of all properties in New Hanover County.

7. What if I disagree with the revaluation of my property?

Before assuming that the value of your property is incorrect, you are advised to check into the current selling price of comparable property in your area.

Every revaluation is a new starting point. There is no precedential value based on prior actions of the Board of Equalization and Review or staff. With each appeal the only debate is what was the market value of this property on January 1, 2021.

If you feel the assessed tax value is not in accordance with comparable properties in your area or if you feel that New Hanover County has inaccurate information about your property's size or features, you can appeal the revaluation of your property.

8. What are the steps to appeal my property value?

State law presumes that assessments are correct. This presumption places the burden on the Taxpayer to "produce competent, material and substantial evidence that tends to show: either the county tax supervisor used an arbitrary method of valuation; or the county tax assessor used an illegal method of valuation; and the assessment substantially exceeded the true value in money of the property." (In re Appeal of Amp, Inc., 287 NC 547 at 563 (1975))

• To begin the appeal process, complete the appeal form online at the Tax Department Forms website. If you are filling out a paper form that you have received from our office, you have the option to hand deliver it or mail it back to our office, If mailing in the form, please mail it to the New Hanover County Tax Department, ATTN: Appraisal Department, 230 Government Center Dr. Suite 190, Wilmington, NC 28403.
• An appeal form must be completed within 30 days of receiving the revaluation notice. By completing an appeal form, you are requesting an informal review of your property.
• It is incumbent upon the appealing taxpayer to provide written or photographic evidence that the county assessors decision is unlawful or incorrect, not simply that you disagree. You must be able to prove that the county assessor has made an error and that the value placed on the property is substantially greater than true value. Without this evidence of error, the Board is not at liberty to revise the value. The current date of value is January 1, 2021 therefore, examples would be an appraisal as of 01/01/2021 (no more than 12 months prior), or documentation of closed qualified market sales that occurred between January 1, 2019 and December 31, 2020.
• You are encouraged to have information to support your position, i.e., a recent real estate appraisal of your property and records of known sales of nearby properties, or other factual information that you feel would be beneficial. Include this information with your appeal form.
• Informal Appeal Process: The appraiser responsible for your area will review the appeal information that you have submitted. After review, you will be sent a notice with the informal review decision, with your property's assessed value (note: a notice will be sent even if the value remains the same).
• Formal Appeal Process: If you do not agree to the value after the informal review decision and you still believe that the real property value estimate is incorrect, please notify the appraiser handling your appeal by phone, email, or mail, that you still disagree. Your informal appeal status will then be changed to the formal appeal status and you will be scheduled for a hearing before the Board of Equalization and Review. You will be sent a notice notifying you within 10 days of your scheduled hearing for you to present evidence as to present information as to why you feel the value of your property is incorrect.
• The Board of Equalization and Review is composed of New Hanover County citizens, appointed by the Board of Commissioners, sitting in special session, to review and equalize the valuations of all property in the county. Meetings will take place at the New Hanover County Government Complex, 230 Government Center Drive. The appellant will be given time to present their factual evidence (written and /or photographic) to the Board proving that the county assessors decision is unlawful or incorrect, not simply that you disagree. You must be able to prove that the county assessor has made an error and that the value placed on the property is substantially greater than true value. Without this evidence of error, the Board is not at liberty to revise the value. Please have your evidence readily available to expedite the hearing process
• If, after appealing to the Board of Equalization and Review, you are still dissatisfied with the outcome, you may appeal to the Property Tax Commission in Raleigh, NC. Information on how to submit your appeal will be included in the decision notice from your Board of Equalization hearing. The Property Tax Commission is located at 501 N Wilmington Street, Raleigh, North Carolina 27604 in the Revenue Building.
• The final method for appeal is to the NC court system.

9. When is the deadline to appeal my 2021 assessed value?

The Board of E and R will adjourn on May 11, 2021.

Pursuant to NC.G.S. 105-322 the New Hanover County Board of Equalization and Review will meet as required by law.

Purpose of Meeting

To hear upon request, any and all taxpayers who own or control taxable property assessed for taxation in New Hanover County, with respect to the valuation of such property or the property of others, to schedule hearings, and to fulfill duties and responsibilities required by law.

Time of Meetings

As per NC.G.S. 105-322 (E) Time of Meeting

Each year the board of equalization and review shall hold its first meeting not earlier than the first Monday in April and not later than the first Monday in May. In years in which a county does not conduct a real property revaluation, the board shall complete its duties on or before the third Monday following its first meeting unless, in its opinion, a longer period of time is necessary or expedient to a proper execution of its responsibilities.

10. Would I need multiple appeal forms to appeal multiple properties?

Yes, a separate appeal form must be submitted for each parcel that you are appealing. Forms can be found online on the Tax Department Forms website.

11. Why did my value go up over a year?

Your value was last assessed as of January 1, 2017. Unless you made changes to the property (added or removed something of value) your assessed value would have stayed the same through December 31, 2020.

12. Why isn’t my value the same as the sale price I paid for it?

New Hanover County, as with all counties in North Carolina, determines property value through a process called mass appraisal. Mass appraisal is the process of valuing a group of properties as of a given date and using common data, standardized methods, and statistical testing to determine value. New Hanover County is therefore looking at the neighborhood market as a whole and sometimes some properties are low while others are high.

13. How does revaluation equalize the tax burden?

Since property taxes are based on value, it is important to have all property valued periodically on a uniform basis, using a modern system of valuation. Property values change with time. Some values go up, some go down, and others remain static. Appraisals must be updated or inequities in tax distribution will result. For instance, property valued at $150,000 in 2017 might now be worth $172,000, or the property could have declined in value to $135,000. In either case, the 2017 assessed value of the property is obsolete and will result in the property owner either paying too much or too little of his or her share of the tax for the operation of local government. New Hanover County's revaluation will make sure people are paying taxes fairly, based on their current property value.

14. What effect will the revaluation project have on tax bills?

At this time, the effect of revaluations on tax bills is unknown. There are three factors that determine how much tax each property owner must pay:

• The assessed value of the property.
• The cost of local government-provided services that the citizens of the county require.
• The tax rate set by the New Hanover County Board of Commissioners and each municipality (City of Wilmington, Town of Carolina Beach, Town of Wrightsville Beach, and Town of Kure Beach) to meet the cost of services.

The revaluation’s effect on your tax bill cannot be determined until operating budgets are adopted and the governing bodies have set tax rates for New Hanover County and the various municipalities. Budgets are adopted and tax rates are set prior to July 1 each year. Historic tax rates can be located on the Tax Department Historic Tax Rates website.

15. What tax rate will be used for 2021?

The NHC Commissioners set the tax rate during the county budgeting process. The 2021 tax rate will be announced by the Commissioners in Summer of 2021.

16. What percent of value does NHC tax on?

100% of market value per NC General Statue 105-283.

17. When is the next County Revaluation?

New Hanover County is scheduled to undergo a full county real property revaluation effective January 1, 2025.