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New Hanover County releases new property assessments representing "unprecedented" growth

New Hanover County's chart of property assessments.
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NHC
New Hanover County's chart of property assessments.

New Hanover County will mail out new property assessments in about two weeks. The last time this was done was four years ago. Since then properties have increased dramatically in value, which could lead to higher tax bills depending on what tax rate the county sets in June.

New Hanover County tax administrator Allison Snell said the housing market has seen “unprecedented” growth, as the median sales price — around $411,000 — has increased roughly 60% since 2021. (The average value was higher, around $580,000.)

Beach towns saw higher than average median evaluation increases: Wrightsville Beach (65%), Carolina Beach (73%), and Kure Beach (74%).

Market change from New Hanover County.
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NHC
Market change from New Hanover County.

New Hanover County Commissioner Rob Zapple puts the new property evaluations in context.

“So essentially, the tax evaluation we’ve been living with has supported the services and goods the county provides to our citizens — they go to our quality of life based on 2021 numbers. We have not increased the tax rate at any time in the last four years,” he said.

Zapple added that inflation has increased around 20% since 2021 as well. In recent years, the county tax rate has been about 45 cents per $100 valuation. In fiscal year 2022, however, it was 47.5 cents per $100.

Snell said residents can go online now to see their new evaluation or wait for the letter to come on February 28. They encourage the public to use their new tool of ‘comparable sales search’ if they’d like to file an appeal for the latest evaluation.

Commissioner Dane Scalise also walked Snell through why New Hanover County does this evaluation every four years instead of every eight, as mandated by the state. Scalise said there would be “shock” at seeing the new evaluations, but the re-evaluation process every four years reduces that reaction.

Higher property values could lead to higher property tax bills, depending on if and how the county adjusts the tax rate in June. If the tax rate were to remain the same, tax bills would go up; but taxes could also be modified to cushion or negate that impact.

Related: New Hanover County budget process: Soaring property values, increased operating costs

Snell also provided information on how residents pay for tax bills if they are not rolled into a mortgage (Snell said to double-check this with the mortgage company so as not to be deemed delinquent in paying property taxes). She said it can be paid out in increments — that the public can more or less choose the installments they feel comfortable paying.

She also announced three main tax relief programs: one for the elderly (65 and older) or disabled, one just for disabled veterans, and one called a 'circuit breaker' (one must also be 65 or older to access this relief).

Tax bill programs as highlighted by NHC
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Tax bill programs as highlighted by NHC

For the elderly/disabled, the resident’s income has to be below $37,900; for the elderly circuit breaker, if the resident’s income is up to $37,900, property taxes will be limited to 4% of their income. For those making $37,901 to $56,850, it’s 5% of one’s income.

The commission will set a finalized property tax rate in June — and final tax bills will be mailed out in July.

Disclosure notice: Commissioner Zapple is a WHQR Board of Directors member, which has no role in editorial decisions.

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Rachel is a graduate of UNCW's Master of Public Administration program, specializing in Urban and Regional Policy and Planning. She also received a Master of Education and two Bachelor of Arts degrees in Political Science and French Language & Literature from NC State University. She served as WHQR's News Fellow from 2017-2019. Contact her by email: rkeith@whqr.org or on Twitter @RachelKWHQR