The Currituck County Tax Department has begun a state-mandated revaluation of property in the county. Over the next several months, staff will visit properties, review data, and study the sales of properties. Property owners will be notified of the new appraised values in the latter part of 2020 and the new values will take effect on Jan. 1, 2021.
Currituck County is partnering with Tyler Technologies, an appraisal company hired by the county, to conduct the revaluation. While in the field, county staff and Tyler employees will carry photo identification as proof that they are members of the revaluation team.
Each county in North Carolina is required by state law to conduct a property revaluation every eight years. The intent behind the law is to ensure that all taxpayers are treated equally in the taxation of real and personal property.
Listed below are frequently asked questions regarding the 2021 revaluation. If you have additional questions, contact the Currituck County Tax Department at 252-232-3005.
- What is revaluation? Revaluation is the periodic review of all real property to ensure that its value reflects current market prices and that taxation is fair and equitable. State law requires every county to reassess its property tax values to 100% of market value at least once every eight years. Current property assessments were established in Currituck County’s last revaluation, which took place in 2013.
- How are property values set? First, the location, size, view, road access, neighborhood amenities, topography, zoning, use, and all other factors that influence the value of the land are considered. Second, the size, type, age, condition, and quality of construction of all homes and buildings are evaluated. Third, recent property sales are studied. Finally, schedules and rules are developed and approved that guide the appraisers in appraising each property.
- Who is conducting the revaluation? The reappraisal will be carried out through the cooperative and coordinated efforts of the Currituck County Tax Department and Tyler Technologies. Tyler Technologies has assisted in the revaluation in at least 16 counties in North Carolina and at least 20 counties use their computer software for county assessments.
- How will the revaluation affect my real estate taxes? Even though values will decrease for many properties, that does not mean that property owners will pay less in taxes. In fact, many taxpayers will pay about the same, some will pay more, and some taxpayers will pay less. The amount of taxes an individual will have to pay will become clearer after the new tax rate is set.
- How will the revaluation affect taxes on my personal property? Taxes on personal property items such as cars, boats, mobiles homes, and business equipment will be affected by the new tax rate established after the revaluation.
- What if I don’t agree with a new appraised value? All property owners will have a right to an appeals process regarding an appraisal. Appeal forms will be attached to each notice of new appraised values sent to property owners.