1 2013 county-wide property revaluation results of dare countys revaluation effective january 1,...
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1
2013 County-wide Property Revaluation
Results of Dare County’s Revaluation
effective January 1, 2013
2
What Will We Cover Today?
New Preliminary 2013 Tax BaseBreakdowns of property valuesResults of Sales Ratio Studies
Revenue Neutral Rate
Percent of Change Among Various Property TypesExamples of Individual Properties
Information about Notices and the Appeals Process
3
Our Property Owners Are Diverse
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
# of Parcels
Dare County
Virginia
Other NC
Maryland
Pennsylvania
New Jersey
Other States /Countries
42% of property owners are Dare County residents
28% are Virginia residents
10% are from other NC counties
The remaining 20% of property owners hail from all 50 states, and numerous foreign countries.
Dare County has 41,067 taxable parcels.
4
What is the Breakdown of Taxable & Exempt Property based on the New 2013 Assessed Values?
82%18%Privately Owned -41,067 Parcels
Tax Exempt - 1,873 Parcels
18% of Dare County’s 2013 $14.7 billion assessed value is
exempt from property
taxes.
Taxable Parcels –$12 Billion
2013 Assessed Value
Exempt Parcels –$2.7 Billion
2013 Assessed Value
Total – 42,940 Parcels
5
How Does the New 2013 Tax Base Compare to the 2012 Tax Base?
1.8 B
9.9 B5.9 B41%
Decrease
3.6 B
7.0 B
6.1 B13%
Decrease5.4 B
16.9 B
12 B29%
Decrease
02468
1012141618
Billions
Land Value Improvement Value Total Value
2004 Assessed Value 2012 Assessed Value 2013 Assessed Value
Name # Parcels 2012 Land Value 2013 Land Value 2012 Building
Value 2013 Building Value 2012 Total Value 2013 Total Value %
Change
Duck 2,752 1,276,727,500 827,074,100
835,775,700 709,735,400 2,112,503,200 1,536,809,500 -27%
Southern Shores 2,935 1,009,900,800 658,552,200
712,925,800 588,754,700 1,722,826,600 1,247,306,900 -28%
Martin's Point 362 142,267,200
91,153,800
146,641,400 115,614,800 288,908,600 206,768,600 -28%
Kitty Hawk 3,627 745,117,700 470,803,900
616,712,100 538,540,700 1,361,829,800 1,009,344,600 -26%
Kill Devil Hills 7,498 1,520,144,000 937,244,500 1,061,906,400 963,333,900 2,582,050,400 1,900,578,400 -26%
Kill Devil Hills Out 174 25,472,400
16,677,200
25,317,000 22,564,300 50,789,400
39,241,500 -23%
Colington 2,885 390,103,900 230,194,300
339,490,100 307,735,400 729,594,000 537,929,700 -26%
Nags Head 5,707 1,837,600,000 1,173,886,000 1,177,548,600 1,042,620,400 3,015,148,600 2,216,506,400 -26%
Town of Manteo 1,829 317,804,200 215,259,200
319,370,000 284,136,200 637,174,200 499,395,400 -22%
Manteo Out 2,782 385,472,200 225,902,400
324,322,400 295,452,700 709,794,600 521,355,100 -27%
Wanchese 1,062 79,121,900
49,833,200
77,045,800 61,040,600 156,167,700 110,873,800 -29%
Mashoes 50 5,131,100
2,621,300
2,220,300 1,730,000 7,351,400
4,351,300 -41%
Manns Harbor 448 43,366,600
24,189,800
30,475,600 23,814,800 73,842,200
48,004,600 -35%
East Lake 152 4,885,300
3,502,900
3,630,100 2,922,100 8,515,400
6,425,000 -25%
Stumpy Point 232 16,494,700
9,216,300
9,780,300 7,830,200 26,275,000
17,046,500 -35%
Rodanthe 823 192,011,600
74,682,900
133,465,800 112,969,600 325,477,400 187,652,500 -42%
Waves 491 152,088,700
65,397,000
101,167,000 85,369,400 253,255,700 150,766,400 -40%
Salvo 902 296,552,800 128,366,200
168,449,200 137,143,700 465,002,000 265,509,900 -43%
Avon 2,201 583,272,400 261,072,800
362,583,900 313,686,500 945,856,300 574,759,300 -39%
Buxton 1,144 202,826,000
98,777,000
140,568,600 121,783,300 343,394,600 220,560,300 -36%
Frisco 1,612 321,321,800 155,283,200
193,267,900 169,978,900 514,589,700 325,262,100 -37%
Hatteras 1,399 347,071,100 172,332,800
226,346,900 188,366,500 573,418,000 360,699,300 -37%
Totals: 41,067 9,894,753,900 5,892,023,000 7,009,010,900 6,095,124,100 16,903,764,800 11,987,147,100 -29.1%
7
What Type of Properties Make Up our Tax Base?
Residential9.9 Billion
82% of Value
Condos683 Million6% of Value
Commercial1.3 Billion
11% of Value
Timeshare114 Million
1% of Value
Residential 35,890 Parcels
Condo /Townhouse 2,840 Parcels
Timeshare/Coownership 156prcls / 723 Units
Commercial 2,181 Parcels
8
Detail of Property Types
Property Type # of Parcels Total ValueAverage
Value
Residential
35,890
9,900,210,8
00
275,800
Timeshare - 636 Units /
Co-Ownership 87 Units
723 units /156 prcls
114,043,500
157,737
Condo / Townhouse
2,840
683,216,900
240,600
Commercial
2,181
1,289,675,9
00
591,300
Totals: 41,067
11,987,147
,100 291,900
9
What’s the Breakdown of Land Types?
Ocean Influence3 Billion
25% of Value
Non-Influence3.7 Billion
31% of Value
Sound / Canalfront2.1 Billion
18% of Value
Oceanfront2.2 Billion
18% of Value
Commercial1 Billion
8% of Value
Non-Influence
Sound /Canalfront
OceanInfluence
Oceanfront
Commercial
Commercial Ocean and Sound properties have been included in the appropriate water-influence categories.
10
Detail of Land Types# of
Parcels 2012 Value New Value
Average Value
% of Change
Non-Influence
20,276 5,062,514,600
3,684,707,100
181,700 -27%
Ocean Influence
8,775 4,288,546,600
3,041,734,900
346,600 -29%
Oceanfront
3,105 3,227,808,700
2,148,180,000
691,800 -33%
Sound / Canalfront
6,602 2,936,158,500
2,132,552,700
323,000 -27%
Commercial
2,309 1,388,736,400
979,972,400
424,400 -29%
Totals
41,067 16,903,764,800
11,987,147,10
0
291,900 -29%
11
What is the Breakdown of Property Uses?
Misc Improved, 53 Million
.5% of Value
Commercial Improved, 1.2 Billion
10% of Value
Vacant Land, 775 Million
6.5% of ValueResidential Improved 9.9 Billion
83% of Value
Residential Use
Vacant Land
CommercialStructures
Misc Structures
12
Statistical Analysis – All Property Types and Classes
All Sales for Year 2011 - 2012
Number of Sales: 1,492
Average Sale Price: 325,100
Average Assessed to Sale Ratio: 97.2%
Median Assessed to Sale Ratio: 97.5%
Coefficient of Dispersion: 7.22%
Price-Related Differential: 100.5%
13
Statistical Analysis – Residential Single Family Condominiums
All Sales for Year 2011 - 2012 2011 - 2012
Number of Sales: 1,260 194
Average Sale Price: 323,800 247,100Average Assessed to Sale
Ratio: 96.9% 99.2%
Median Assessed to Sale Ratio: 97.2% 98.2%
Coefficient of Dispersion: 7.69% 4.18%
Price-Related Differential: 100.4% 100.2%
14
Statistical Analysis – Commercial Boat Slips
All Sales for Year 2011 - 2012 2011 - 2012
Number of Sales: 30 8
Average Sale Price: 441,600 78,000Average Assessed to Sale
Ratio: 98.3% 96.8%
Median Assessed to Sale Ratio: 99.9% 96.0%
Coefficient of Dispersion: 5.51% 9.44%
Price-Related Differential: 100.7% 104.98%
15
0% to 25% decrease 36% of parcels
26 to 28% decrease 12% of parcels
29 to 30% decrease 7% of parcels
Increase 3% of parcels
31 to 35% decrease 14% of parcels
> 35% decrease 28% of parcels
Increase: 1,060 parcels 0-25% decrease: 14,963 parcels
26-28% decrease: 4,687 parcels 29-30% decrease: 2,887 parcels
31-35% decrease: 5,652 parcels >35% decrease: 11,485 parcels
2013 Assessed Values % of Change from 2012 Values
16
Average % Change in Assessed Value Single Family Residential- By Area
-24%-26%
-33% -33%
-36%-43%
-23%-24%
-29%
-36%
-45%
-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
Northern Beaches Hatteras Island Roanoke Island Mainland
Non-Influence Sound/Canal Ocean Influence Oceanfront
17
Average % Change in Assessed Value Vacant Land- By Area
-42%
-33%
-43%
-62% -60%
-52%
-43%
-33%-37% -39%
-48% -46%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
Northern Beaches Hatteras Island Roanoke Island Mainland
Non-Influence Sound/Canal Ocean InfluenceOceanfront Commercial
18
Revenue Neutral Tax RatePer G.S. 159-11(e)
Revenue neutral rate = $0.415% reserve for appealsRevenue generated in fy 2012-13 to match
fy 2013-14 = $49,033,025Average annual growth rate since last
revaluation = 1.024%
19
Comparison of Current (2012) and New Value on an Ocean Influence Residence This example is an ocean influence home in
Rodanthe, built in 2004.
2012 Value(based on
2005 market)
% of Decrease
New 2013 Value
County 2012 Tax
@.28
Estimated 2013 Tax
@ .41Differenc
e
539,000 41% 317,300 $1,509 $ 1,301 $ -208
20
How to Calculate % of Change and Tax Amount To Calculate the % of change, subtract the 2012 Value from the New Value and divide the result by the 2012 Value:
539,000 – 317,300 = 221,700. 221,700 / 539,000 = 41%
To calculate the tax, divide the assessed value by 100, and then multiply the result by the tax rate:
539,000 / 100 = 5390. 5,390 x .28 = $1,509. 317,300 / 100 = 3173. 3,173 x .41 = $1,301.
21
Comparison of 2012 Value and New Value on a Soundfront Residence This example is a soundfront home in Southern
Shores, built in 1976.
2012 Value(based on
2005 market)
% of Decrease
New 2013 Value
County 2012 Tax
@.28
Estimated 2013 Tax
@ .41Differenc
e
706,000 20% 566,700 $ 1,977 $2,323 $ 346
22
Comparison of 2012 Value and New Value on a Non-Influence Residence
This example is a home in Manteo, built in 1984.
2012 Value(based on
2005 market)
% of Decrease
New 2013 Value
County 2012
Tax@.28
Estimated 2013 Tax
@ .41Differenc
e
242,800 30% 169,500 $ 680 $ 695 $ 15
23
Revaluation Notice You’ll Be Receiving in the Mail
The notice includes general revaluation information, an appeal form, and instructions for filing an appeal.
24
2013 Revaluation Notice
OWNER’S NAME
OWNER’S NAME
OWNER’S ADDRESS
OWNER’S CITY, STATE
25
Steps in the Notice & Appeals Process
PropertyTax
CommissionAppeals
PropertyTax
CommissionAppeals
Board ofE & R
Appeals
Board ofE & R
Appeals
Review, Process,
& RespondTo Informals
Review, Process,
& RespondTo Informals
Schedule& HearInformalAppeals
Schedule& HearInformalAppeals
MailNotice
To eachTaxpayer
MailNotice
To eachTaxpayer
RevaluationIs
Complete
RevaluationIs
Complete
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