THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Saturday, February 8, 1997 TAG: 9702080359
SECTION: LOCAL PAGE: B1 EDITION: NORTH CAROLINA
SOURCE: BY CATHERINE KOZAK, STAFF WRITER
DATELINE: MANTEO LENGTH: 64 lines
Citizens in Dare County, braced for a formidable tax increase to fund school improvements, might take another hit after this year's property revaluations are completed.
Then again, they may not.
``I really can't predict anything,'' said Dare County Tax Assessor Greta Skeen. ``As far as our analysis, it would be presumptuous of me to say one thing or another. What I can say is that the values will be revised to reflect the current market value.''
That makes some taxpayers squirm a bit.
Real estate values peaked in 1989-90 when properties were last assessed. The revaluations more than doubled property values, which rose from $1.6 billion to $3.7 billion. Dare County's tax base is now about $4 billion.
Property assessments in North Carolina, by law, reflect the market value in the area.
``Based on the market conditions right now, we won't have the kind of countywide increase in property values that we did in 1990,'' Skeen said.
Skeen said there are now about 38,000 pieces of vacant and improved property in Dare County. In 1990, there were 37,000.
Dave Huffman, president of the Outer Banks Association of Realtors, said that demand during the halcyon days of the late '80s has never been equaled.
``Certainly we have some concern what effect the revaluations will have on the property values,'' Huffman said. ``There's a lot of things that will have an impact. I just imagine that any revaluation is going to reduce the value of the property - I don't think the county is going to do that. If anything, I think it will remain status quo. Across the board, they will pretty much hold course.''
If the appraisals, which are conducted by county employees, end up decreasing the property tax base, it's anybody's guess what will happen to the tax rate - both in towns and the unincorporated areas of the county. The year after the last revaluations, for example, the bottom fell out of the construction and real estate markets and Dare County was forced to raise taxes from 27 cents per $100 of property value to 44 cents per $100 to increase revenues. But the county was later able to cut the rate: In 1996, taxpayers paid 40 cents per $100.
Voters likely will be asked in May to approve a proposed $60 million school bond referendum, which could increase the tax rate as much as 14 cents per $100 on the fourth year of the bond. On the first year, however, the increase would be 6.49 cents. And by the last year of the 20-year bond, the increase would be 1.34 cents per $100.
In developing the current property values, Skeen said county appraisers look at the cost of new construction and what new homes are selling for, the worth of any improvements, land sales and features that will make the property more or less valuable. Appraisers also take any major changes in the area into account. So far, the appraisal process has cost $250,000 this year, she added.
``We are not necessarily going to each property in each valuation. But if a property owner wants us to go to their property, we can have someone come out,'' Skeen said. ``We can do quite a lot in the office.''
Any property owner that doesn't agree with the value can appeal - much of it can be done by mail - to county appraisers to reconsider the amount. Skeen said 459 owners appealed in 1990.
``It's important for us to get feedback,'' Skeen said. ``It's not an us- against-them kind of thing. We want the value to be right as much as they do.''
KEYWORDS: REAL ESTATE TAX