OBX Connection Home > OBX Connection Forum > How Wonderful! Dare Co Re-assessing Properties
How Wonderful! Dare Co Re-assessing Properties

How Wonderful! Dare Co Re-assessing Properties




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/...


OBX Connection Sponsored Links




RE: How Wonderful! Dare Co Re-assessing Properties




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.




RE: How Wonderful! Dare Co Re-assessing Properties




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.




RE: How Wonderful! Dare Co Re-assessing Properties




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?


RE: How Wonderful! Dare Co Re-assessing Properties




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.


RE: How Wonderful! Dare Co Re-assessing Properties




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.”


RE: How Wonderful! Dare Co Re-assessing Properties




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


RE: How Wonderful! Dare Co Re-assessing Properties




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.


RE: How Wonderful! Dare Co Re-assessing Properties




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.


RE: How Wonderful! Dare Co Re-assessing Properties




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.



RE: How Wonderful! Dare Co Re-assessing Properties




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.


RE: How Wonderful! Dare Co Re-assessing Properties




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.



RE: How Wonderful! Dare Co Re-assessing Properties




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.


OBX Connection Sponsored Links