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