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How Wonderful! Dare Co Re-assessing Properties

By: NCSU Dad
11/20/2019 5:10 PM

During the last reassessment our property value dropped and our real estate taxes increased. What did they call that "remaining tax revenue neutral" or some such foolishness. Crying smiley Crying smiley Crying smiley Crying smiley

outerbanksvoice.com/2019/...

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By: Banks68
11/20/2019 6:30 PM

And we just got reassessed in Upper Pittsgrove,NJ because at almost $7,000/year apparently we still aren’t paying enough. The sad part is that UP has one of the lowest tax rates in NJ. Small wonder that we have so many friends leaving the state.
I am always amazed at how little my mom paid in real estate tax in Nags Head compared to what we fork out every year.

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By: Banks68
11/20/2019 6:30 PM

And we just got reassessed in Upper Pittsgrove,NJ because at almost $7,000/year apparently we still aren’t paying enough. The sad part is that UP has one of the lowest tax rates in NJ. Small wonder that we have so many friends leaving the state.
I am always amazed at how little my mom paid in real estate tax in Nags Head compared to what we fork out every year.

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By: vanative
11/22/2019 6:44 PM

During the last reassessment our property value dropped and our real estate taxes increased. What did they call that "remaining tax revenue neutral" or some such foolishness. Crying smiley Crying smiley Crying smiley Crying smiley

NCSU Dad


Since you are living in paradise, why are you complaining?

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By: Beachmark
11/23/2019 9:28 AM

Revenue neutral is not at all uncommon. States like Idaho and Wyoming reassess every year, and they adjust the tax rate to keep the revenue where it is needed for the upcoming year. I recently researched the Boise ID tax rates and it fluctuates up and down every year.so they meet the upcoming projected budget, regardless of assessed value changes. It is different here, with the infrequent re-assessments, but the same will be done..... adjust the tax rate to meet the anticipated budgets for the next so many years.

If you want to be upset, then be upset at the county Board for the level of expenditures.

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By: hoi toide
11/24/2019 8:49 AM

In Texas our business office property taxes were almost 15,000. yearly on a 4,500 sq. foot medical practice. After my folks passed away and I had to settle the Estate, I told my Realtor to lower them first thing out of the gate.

The Realtor had to make the case that it was entirely possible that it would sell to a biz NOT in the top medical field. Apparently my previous argument with the tax assessor that it was TOO expensive and unsustainable wasn’t worded properly...

After the adjustment the taxes went down to around 12,500-ish, which the first interested buyer, another Realtor and developer, felt were TOO high. I was sad to inform him that we’d already had them lowered. He bailed on the purchase at the last minute citing “I can’t make it work financially.”

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By: ish
11/24/2019 8:23 PM

In NJ each town hires an independent firm to asses property values, then the town sets the tax rates to cover their budget.

The town we lived in previously, Ramsey, NJ spent 70% of the collected taxes to cover the school budget. The tax bill on our old Victorian home is currently more than $15,000 per year for a 130 year old house and barn on less than a 1/4 acre lot.The taxes alone were reason enough for us to move after our daughter graduated High School.

We ended up moving a few miles away to an amazing town with a better tax structure and now pay $13,000 per year for 3.5 acres on a river. Each town has it's own situation

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By: Banks68
11/25/2019 8:51 AM

More than $1000 per month in property taxes alone is downright confiscatory, and is pretty much the norm in good ol’ Jersey!
The NJ “powers that be”are making it harder and harder to be a home owner and a business owner in this state. Guess they’d like us to leave.

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By: Mstaszew
11/25/2019 9:06 AM

The NJ “powers that be”are making it harder and harder to be a home owner and a business owner in this state. Guess they’d like us to leave.

Banks68


I think most have and they all live here in the RTP area of NC! smiley

I have a few acquaintances here who have moved from NJ and all have expressed that the move was like a huge raise. I couldn't fathom paying that much in taxes for your run of the mill single family home.

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By: Banks68
11/25/2019 10:15 AM

Oh how we’d love to move out of here! If you add the taxes we pay on our business property we are pushing $20,000 per year in local property tax. Practically speaking, it would be very difficult to pull up roots and move family and small business to a more friendly state (like N.C.) - not to mention leaving behind some very loyal and hard working employees - but that’s the decision many are facing.

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By: KDHBreeze
11/25/2019 11:38 AM

Oh how we’d love to move out of here! If you add the taxes we pay on our business property we are pushing $20,000 per year in local property tax. Practically speaking, it would be very difficult to pull up roots and move family and small business to a more friendly state (like N.C.) - not to mention leaving behind some very loyal and hard working employees - but that’s the decision many are facing.

Banks68


A lot of whether something has value relative to cost depends heavily on what people want/need for their family/lifestyle. The majority of taxes everywhere are generally for the school system. New Jersey is in the top tier of state education systems and NC is in the bottom 1/3 of states. That distinction also means that NJ residents are paying for their own education system through their property tax primarily, but also through state income and federal income tax, but that the NJ resident's federal taxes are funding NC schools much more than they fund their own schools, while NC is federally funding schools in neither state (nor anywhere else).

NC (and many other dependents states)inflate the cost of living in the remaining states, so you really can't compare state to state unless you adjust for how much of the costs of living there is due to shortfalls in internal funding in other states. There are states that fall in the middle, and generally have a more even breakdown in what they pay and what they receive back, but they are a minority.

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By: Banks68
11/25/2019 12:23 PM

Everybody has their hand out I guess.
We homeschooled all 4 of our kids Two are tradesmen and the other two went to college and paid it for it themselves. Our third son worked 3 jobs while going to college full time. He now owns his own business. Our daughter has a degree in business.
Our three school age grandkids are being homeschooled. We’ve “contributed” tens of thousands of dollars in prop tax over 40 years of home ownership and have never asked for anything. Not easy - but it can be done.

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By: Pickle
11/26/2019 7:14 AM

Love Kitty Hawk. Our move from Long Island in 2000 to the same size house here had our property taxes drop from $6,800 to $1,375. A lot has to do with how States fund Schools. On LI Real Estate Taxes were mostly School Tax. NC is much different. Revenue Neutral is not much more than simple math. You set first your budget to run the Town and County and then you divide by the total assessed valuation to give you tax per $ of assessed valuation. If valuation goes up and Budget remains constant, tax rates go down, butttt some people could pay more taxes because of major differences between the old and new assessment. Now do budget remain constant, generally not. So you have two variables to deal with. Love the Outer Banks.

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By: Brad Z
1/13/2020 9:09 AM

During the last reassessment our property value dropped and our real estate taxes increased. What did they call that "remaining tax revenue neutral" or some such foolishness. Crying smiley Crying smiley Crying smiley Crying smiley

NCSU Dad


Many jurisdictions reassess annually. Dare county hasn't reassessed since 2014. Whether your taxes go up or down depends on the relative appreciation to the mean. Since this is a revenue neutral adjustment, some taxes will go up and some will go down.

Let me explain what revenue neutral means with this basic example:

2014 Assessed Value Tax Rate Tax Amount
House A $2000 2.0% $40
House B $5000 2.0% $100
House C $7000 2.0% $140

Total Tax Received: $280

In this example, Dare County has three properties worth a total of $14,000. At a tax rate of 2%, the county collects $280 dollars.

In 2020, the county conducts a reassessment and determines the new property values of the three properties. Two have increased and one decreased. The total value of the three properties is now 19,000

2020 Assessed Value New Tax Rate Tax Amount
House A $2500 1.474% $36.84
House B $4000 1.474% $58.95
House C $12500 1.474% $184.21

Total Tax Received: $280

The new tax was determined by dividing the last tax revenue ($280) by the new value of all properties ($19,000) to determine the new tax rate. When applied to the new values, House A increased slightly in value, but had a slightly reduced tax bill. House B also reduced in value and total tax, but House C saw a huge increase and saw a larger tax bill as well.

In the real world, we'll expect similar. Most everything has increased in value since 2014. Some increased more than others. Your tax bill will increase if you see a higher value increase compared to the average.

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By: Banks68
1/13/2020 10:41 AM

Our house was just re-assessed.
Of course the assessed value went up. Of course we don’t realize that increase unless/until we sell - which we don’t intent to do. It’s been our family home for 25 years and we hope to live out our days here. So it’s not like we have more money in our wallet - to the contrary - we now have LESS. But the township now has another $1300 of our money to squander. They already take thousands every year. Guess that wasn’t enough.
Would have been nice to put that $1300 into our retirement fund.

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By: Beachmark
1/18/2020 9:12 PM

Banks 68..... honestly, I'd encourage you to at least re-think the situation there in NJ as you retire or approach it. It is going to get worse there and is likely to be a very rough ride. The per taxpayer long term tax deficit is right now at $65k per taxpayer....Fiscally, NJ ranks worst in the nation, and it has been getting worse, not better, in a strong economy. See here:
Click to follow link...

It may be like the situation in IL which is as badly off long term and shares the same crushing policy issues as NJ. See here for the situation (and CT is very close to NJ and IL):
Click to follow link...

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By: Banks68
1/21/2020 9:13 PM

Thanks, Beachmark. If we do ever retire, there will surely be some hard decisions to made. Several of our dear friends have retired and moved out of state. N.C. and Tennessee seem to be the states of choice because of low taxes.
Used to be that ,at least, we had the lowest gas prices around. They took that away a couple years ago.
Now the ONLY good thing about NJ is that we don’t have to pump our own gas. I hate pumping gas!
I can’t stand the NJ shore - even though we live only 50 miles from Ocean City, NJ we’ve been driving the 6hrs to the Outer Banks for many years.

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By: Beachmark
1/22/2020 10:21 AM

And sorry, I don't mean to be a downer..... It bothers me no end to look at the situations in these states that have run themselves so deeply in debt with long term policy decisions that deny the consequences. I feel particularly sad for the residents and anger at the politicians and selfish special interest groups that create these situations. It's insane to be so irresponsible.

All that the citizens can do after the problem is created is re-think the way they vote.

Hopefully some fiscally sane areas will remain.

Edit to add: And sorry for the digression... this is not really direct OBX related stuff. It just effects a number of the forum members.

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By: Banks68
1/22/2020 10:54 AM

Don’t apologize.
I grew up in this state. I watched my dad and mom struggle to keep their small manufacturing business afloat as NJ piled on regulation after regulation and tax after tax after fee after fee. Small wonder that NJ has lost so much of its manufacturing base over the last 60 years.
Now the powers-that-be think that I have $1300 just laying around the house for them to throw into their black hole.

I think I need a trip to my favorite place in the world for a re-set smiley

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