County commissioners meet about NHC property tax increase
The New Hanover County Commissioners have to decide whether to postpone the property revaluation set for January 1, 2011. New Hanover County Tax Administrator Roger Kelley said, “Values for the most part will be going down based on the current sales that are out there and we’re reaching a point where foreclosures may or may not affect value.”
North Carolina law requires revaluation every eight years, but last year commissioners voted to do it every four years, to avoid a property value and tax increase shock. Property values traditionally go up during a revaluation, but that would not be the case in the current market. “People have a false sense of what their values really are,” said New Hanover County Commissioner Jonathan Barfield, Jr. “As a realtor, I sold a home to someone back in January and the tax value was 331, the home appraised and sold for 295, so there’s almost a $36,000 difference between tax value and the actual current market value.”
Kelley estimates the tax rate would have to increase by about five cents per one hundred dollars of assessed value in order to stay revenue neutral. Commissioner Barfield supports moving forward with the 2011 date. “You’re not going to see that big of a difference in what you’re going to pay in taxes from year to year, maybe $100 to $200 difference for the average home,” he said.
Unless commissioners vote for a delay after hearing Monday night’s presentation, the revaluation is still set for January of 2011.
Story summary image
More: continued here