Have you received a letter from New Hanover County stating your annual property tax value? Do you disagree with the county’s valuation and think you’re paying too much? If so, you can formally challenge their decision, if you have a legal right to have your property’s value reduced. According to their website, you have a legal basis for a reduction in value if you have one of the following reasons:
- A listing of properties with similar design, age, condition and square footage but with lower values;
- Sales of highly similar properties that occurred before January 1, 2007, but the selling price is lower;
- The condition of the property is diminished due to wind, water, fire, etc. damage that is unrepaired (you will need to supply proof as to when the damage occurred, the damage is unrepaired and provide pictures or a report ).
- Synthetic Stucco (EFIS). You will need to supply a Water Intrusion Report and a Cost Estimate to repair from a licensed contractor. Of course, if the EFIS had been replaced before January 1 the problem is cured.
As soon as you receive your annual property tax valuation from New Hanover County, you should begin the appeal process. The tax assessments become affective on January 1st. You have 30 days from the time you receive the letter to appeal. Just return the appeal form that is included with your letter and the appraisal supervisor of your area will contact you.
If you are not happy with the supervisor’s response, you can retrieve a “Valuation Complaint Form” from the Appraisal Office, which will be an appeal to the New Hanover County Board of Equalization and Review. Appeals must be submitted prior to the convening of the Board of Equalization and Review which meets between the first Monday in April and the first Monday in May.
After you meet with the New Hanover County Board of Equalization and Review, if you still are not happy with your property value, you can meet with the North Carolina Property Tax Commission in Raleigh. However, that doesn’t happen very often, because most cases are taken care of at the county level.
If you appeal your property value, you will need to provide sufficient proof. We would be happy to pull you some comparable homes to aid you in your argument. Just give us a call at 910.202.2546.
You can check your assessment information here.