New Hanover County residential property owners can expect their property revaluations very soon! Over the past two-and-a-half years, over 104,000 parcels of land were revaluated to reflect the properties fairly so that taxes are more accurate. Detailed uniform appraisal processes allowed officials to be sure that the information they had on file was up to date. Representatives visited each parcel and provided a questionnaire to everyone who was being revaluated.
This revaluation will occur every four years now, as opposed to the previously required eight years. These new values will be reflected on your August 2017 tax bill. If you feel as though the evaluation is not accurate, you do have a chance to appeal online through the tax website or you can fill out the form that is attached to your new revaluation form in the mail.
In light of a significant runup in real estate values, coupled with New Hanover County’s questionable budget management, it’s very likely most homeowners will see a tax increase. Those in hot locations will experience the largest increases by far. In years past the beaches took the brunt of the increases, but their values have remained steadier than years past. In larger cities such as Raleigh NC there is no doubt properties close to the dense city center would see the largest increases, however the Wilmington market is a bit unique. It’s likely the largest increases will occur in areas where you are currently witnessing a lot of new construction such as near Mayfair, Monkey Junction, and the Kerr Ave corridor near UNCW.
Commercial apartment complex owners are perhaps most at risk of a massive increase, and this will occur just as that industry is starting to feel the effects of a massive supply increase which will likely make it very tough to raise rents, and may even drive many down. Keep an eye on this sector as the outlook is already tough, and it’s likely that the county will further add to the strain.
You can find more information on the frequently asked questions page for the New Hanover County tax department site.
This also comes on the back of another new tax New Hanover County just implemented this year, which you can read about here…
New Hanover County will be raking in money at the expense of cash-strapped landlords when the new year rolls around, and there doesn’t seem to be much you can do about it this year