1. 1 2013 County-wide Property Revaluation Results of Dare Countys Revaluation effective January 1, 2013

2. 2 What Will We Cover Today? New Preliminary 2013 Tax Base Breakdowns of property values Results of Sales Ratio Studies Revenue Neutral Rate Percent of Change Among Various Property Types Examples of Individual Properties Information about Notices and the Appeals Process

3. 3 Our Property Owners Are Diverse 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. 4 What is the Breakdown of Taxable & Exempt Property based on the New 2013 Assessed Values? 18% of Dare Countys 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. 5 How Does the New 2013 Tax Base Compare to the 2012 Tax Base?

6. 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. 7 What Type of Properties Make Up our Tax Base?

8. 8 Detail of Property Types Property Type# of ParcelsTotal Value Average Value Residential 35,890 9,900,210,800 275,800 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 1,289,675,900 591,300 Totals: 41,067 11,987,147,100 291,900

9. 9 Whats the Breakdown of Land Types? Commercial Ocean and Sound properties have been included in the appropriate water-influence categories.

10. 10 Detail of Land Types # of Parcels2012 ValueNew Value Average Value % of Change Non-Influence 20,2765,062,514,600 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 11,987,147,100 291,900-29%

11. 11 What is the Breakdown of Property Uses?

12. 12 Statistical Analysis – All Property Types and Classes All Sales for Year2011 - 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. 13 Statistical Analysis – Residential Single Family Condominiums All Sales for Year 2011 - 2012 Number of Sales: 1,260194 Average Sale Price: 323,800247,100 Average 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. 14 Statistical Analysis – Commercial Boat Slips All Sales for Year 2011 - 2012 Number of Sales: 308 Average Sale Price: 441,60078,000 Average 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. 15 2013 Assessed Values % of Change from 2012 Values

16. 16 Average % Change in Assessed Value Single Family Residential- By Area

17. 17 Average % Change in Assessed Value Vacant Land- By Area

18. 18 Revenue Neutral Tax Rate Per G.S. 159-11(e) Revenue neutral rate = $0.41 5% reserve for appeals Revenue generated in fy 2012-13 to match fy 2013-14 = $49,033,025 Average annual growth rate since last revaluation = 1.024%

19. 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 @.41Difference 539,000 41%317,300 $1,509 $ 1,301 $ -208

20. 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. 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 @.41Difference 706,00020%566,700 $ 1,977 $2,323 $ 346

22. 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 @.41Difference 242,80030%169,500 $ 680 $ 695$ 15

23. 23 Revaluation Notice Youll Be Receiving in the Mail The notice includes general revaluation information, an appeal form, and instructions for filing an appeal.

24. 24 2013 Revaluation Notice OWNERS NAME OWNERS ADDRESS OWNERS CITY, STATE

25. 25 Steps in the Notice & Appeals Process Revaluation Is Complete Mail Notice To each Taxpayer Schedule & Hear Informal Appeals Review, Process, & Respond To Informals Board of E & R Appeals Property Tax Commission Appeals