Reval sets new Dare tax base at $15.9 billion

By on February 21, 2020

2020 figure is 26 percent increase over 2019

With the revaluation of more than 43,000 Dare County properties now complete, notices of the new assessed values will be mailed out on Feb. 25 to all property owners. This marks the first revaluation done in the county since 2013. That year, the value of taxable property in Dare County was just short of $12 billion. The 2020 total is just short of $16 billion.

On Feb. 18, Dare County Assistant Assessor Hosea Wilson made a presentation to the Dare Commissioners about the revaluation, the goal of which is to reestablish equity in the tax base among similar properties. Properties are revalued on their current market value based on their individual characteristics. While the last full revaluation was conducted in 2013, values are also updated in the interim to reflect new construction and improvements on properties.

Property owners should expect the reappraisal to impact their tax bills beginning this fall, as well affect real estate sale prices. Once the new values are received, property owners can go to https://www.darenc.com/departments/tax-department/2020-revaluation to check individual properties with comparable sales. If property owners feel their assessed value is incorrect, they can appeal through the Dare County tax office.

While state law requires that revaluations are conducted every eight years, Dare County opted to conduct this reappraisal one year early. New guidelines, Wilson said, will require revaluations every five years moving forward.

 

Here are some highlights from the Feb. 18 presentation of the 2020 revaluation findings:

  • All totaled, there are 43,459 properties in Dare County, with 15 percent of those being tax exempt parcels. The total 2020 assessed value of taxable property in Dare County is $15.9 billion. The exempt parcels have a 2020 assessed value of $2.8 billion.
  • Almost half (45 percent) of property owners are from Dare County, 26 percent are residents of Virginia, nine percent are from other North Carolina counties and 20 percent are from all 50 states and numerous foreign countries.
  • Single-family residential property (vacant and improved) makes up 84 percent and $13.3 billion of the tax base; condos represent 5 percent or $818 million; commercial property accounts for 10 percent or $1.6 billion; timeshares amount to $96 million or one percent; and boat slips equate to .13 percent of the value or $20 million.
  • Between 2016 and 2019, there were 4,914 residential sales in Dare County with an average sale price of $391,500. During that same period, there were 108 commercial sales with an average sale price of $1,069,900 and 58 boat slips sold with an average sale price of $54,400
  • Dare County’s 2020 tax base of $15.9 billion represents a 26 percent increase over last year’s tax base of $12.6 billion. The locations that have seen the biggest increase in assessed values from 2019 to 2020 are Mashoes (up 52 percent), Wanchese (47 percent) and Stumpy Point (39 percent). Those that experienced the smallest rise in values are Duck and Martins Point (both 16 percent) as well as Avon (18 percent).
  • Nearly half (49 percent) of Dare County parcels had an increase in assessed value from 0 to 30 percent, and 28 percent saw increases of 40 percent or more. Only 5 percent of the county parcels actually saw a decrease in 2020 assessed values over the previous year’s.

BIDDER PRE-QUALIFICATION REQUEST:

Barnhill Building Group has been selected as the Construction Manager @ Risk by the College of the Albemarle and is seeking to pre-qualify construction trade contractors to submit bids for the furnishing labor, materials, equipment, and tools for the new College of The Albemarle – Allied Health Sciences Simulation Lab (COA Health Sciences) located in Elizabeth City, NC. Please note: Only subcontractors who have been prequalified by Barnhill will be able to submit a Bid.

The project consists of the new construction of a 38,000-sf, 2-story expansion to the existing Owens Health Sciences Center and will house classrooms, labs, and a simulation lab. The site is just over just over 4.5 acres and is located on an active campus. This new construction will be a steel structure with a brick and metal panel veneer, curtainwall, and storefront glazing with a PVC roof membrane.

Principal trade and specialty contractors are solicited for the following Bid Packages:

BP0100: General Trades

BP0105: Final Cleaning

BP0390: Turnkey Concrete

BP0400: Turnkey Masonry

BP0500: Structural Steel & Misc. Steel

BP0740: Roofing

BP0750: Metal Panels

BP0790: Caulking / Caulking

BP0800: Turnkey Doors/Frames/Hardware

BP0840: Glass & Glazing

BP0925: Drywall

BP0960: Resilient Flooring

BP0980: Acoustical Ceilings

BP0990: Painting & Wallcovering

BP1005: Toilet Specialties / Accessories / Division 10

BP1010: Signage

BP1098: Demountable Partitions

BP1230: Finish Carpentry and Casework

BP1250: Window Treatment

BP1400: Elevators

BP2100: Fire Protection

BP2200: Plumbing

BP2300: HVAC

BP2600: Turnkey Electrical

BP3100: Turnkey Sitework

BP3290: Landscaping

Packages may be added and/or deleted at the discretion of the Construction Manager. Historically underutilized business firms are encouraged to complete participation submittals.

HUB/MWBE OUTREACH MEETING: Barnhill Building Group will be conducting a HUB/MWBE Informational Session. You are encouraged to attend the following session to learn more about project participation opportunities available to you. These seminars will help to: Learn about project and scope; Inform and train Minority/HUB contractors in preparation for bidding this project; Assist in registration on the State of North Carolina Vendor link; Stimulate opportunities for Networking with other firms. Location and time TBD. Please visit our planroom at https://app.buildingconnected.com/public/54da832ce3edb5050017438b for more information.

Interested contractors should submit their completed prequalification submittals, by July 22, 2024, to Meredith Terrell at mterrell@barnhillcontracting.com or hardcopies can be mailed to Barnhill Contracting Company PO Box 31765 Raleigh, NC 27622 (4325 Pleasant Valley Road, NC 27612).


 



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