Revaluation report shows property values jumped 67% in Dare County
Dare County property owners will see a significant increase in their real estate values when the 2025 revaluation notices are mailed out at the end of this month.
According to Dare County Tax Assessor Hosea Wilson, the overall countywide change in the tax base is estimated to be 67%, increasing from $16.4 billion to a projected $27.4 billion.
“This is not just a phenomenon here, it is all over the state of North Carolina, and I would venture to say is all over the country,” Wilson told the Board of Commissioners during a presentation on the revaluation Monday.
The revaluation, which is required by state law every five years, found that property values have surged in all geographic areas of the county.
The northern beach towns increases ranged between 55% and 74%, Hatteras Island 55% and 64%, Roanoke Island 49% and 69%, and mainland communities 37% and 69%.
The values reflect the robust real estate market in Dare County in recent years, with median home prices jumping from $381,500 in 2020 to $569,000 in 2023, according to data from the Dare County Community Housing Task Force.
Wilson emphasized that the revaluation is focused solely on determining accurate market values, and is separate from the setting of tax rates, which will be determined by the county and municipalities later this year as part of their budget writing process.
The average property tax rate in Dare County in the 2024-25 fiscal year is 0.55% per $100 valuation, but rates vary by geographic location.
For a property with an assessed value of $350,000, that comes out to an average tax bill of about $1,925 per year.
He encouraged property owners who disagree with their new assessed values to go through the appeals process.
Revaluation notices will be mailed to all Dare County property owners by the end of March, with a 30-day window to file an informal appeal.
A formal appeals process through the county’s Board of Equalization and Review will also be available.
More information on the revaluation process can be found at https://www.darenc.gov/departments/tax-department/2025-revaluation
