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

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 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 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 How Does the New 2013 Tax Base Compare to the 2012 Tax Base?

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, ,074, ,775, ,735,400 2,112,503,200 1,536,809,500-27% Southern Shores 2,935 1,009,900, ,552, ,925, ,754,700 1,722,826,600 1,247,306,900-28% Martin's Point ,267,200 91,153, ,641, ,614, ,908, ,768,600-28% Kitty Hawk 3, ,117, ,803, ,712, ,540,700 1,361,829,800 1,009,344,600-26% Kill Devil Hills 7,498 1,520,144, ,244,500 1,061,906, ,333,900 2,582,050,400 1,900,578,400-26% Kill Devil Hills Out ,472,400 16,677,200 25,317,000 22,564,300 50,789,400 39,241,500-23% Colington 2, ,103, ,194, ,490, ,735, ,594, ,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, ,804, ,259, ,370, ,136, ,174, ,395,400-22% Manteo Out 2, ,472, ,902, ,322, ,452, ,794, ,355,100-27% Wanchese 1,062 79,121,900 49,833,200 77,045,800 61,040, ,167, ,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 ,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 ,494,700 9,216,300 9,780,300 7,830,200 26,275,000 17,046,500-35% Rodanthe ,011,600 74,682, ,465, ,969, ,477, ,652,500-42% Waves ,088,700 65,397, ,167,000 85,369, ,255, ,766,400-40% Salvo ,552, ,366, ,449, ,143, ,002, ,509,900-43% Avon 2, ,272, ,072, ,583, ,686, ,856, ,759,300-39% Buxton 1, ,826,000 98,777, ,568, ,783, ,394, ,560,300-36% Frisco 1, ,321, ,283, ,267, ,978, ,589, ,262,100-37% Hatteras 1, ,071, ,332, ,346, ,366, ,418, ,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, %

7 What Type of Properties Make Up our Tax Base?

8 Detail of Property Types Property Type# of ParcelsTotal Value Average Value Residential 35,890 9,900,210, ,800 Timeshare Units / Co-Ownership 87 Units 723 units /156 prcls 114,043, ,737 Condo / Townhouse 2, ,216, ,600 Commercial 2,181 1,289,675, ,300 Totals: 41,067 11,987,147, ,900

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

10 Detail of Land Types # of Parcels2012 ValueNew Value Average Value % of Change Non-Influence 20,2765,062,514,600 3,684,707, ,700-27% Ocean Influence 8,775 4,288,546,600 3,041,734, ,600-29% Oceanfront 3,105 3,227,808,700 2,148,180, ,800-33% Sound / Canalfront 6,602 2,936,158,500 2,132,552, ,000-27% Commercial 2,309 1,388,736, ,972, ,400-29% Totals 41,067 16,903,764,800 11,987,147, ,900-29%

11 What is the Breakdown of Property Uses?

12 Statistical Analysis – All Property Types and Classes All Sales for Year 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 Statistical Analysis – Residential Single Family Condominiums All Sales for Year Number of Sales: 1, 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 Statistical Analysis – Commercial Boat Slips All Sales for Year 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%

Assessed Values % of Change from 2012 Values

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

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

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

19 Comparison of Current (2012) and New Value on an Ocean Influence Residence This example is an ocean influence home in Rodanthe, built in Value (based on 2005 market) % of Decrease New 2013 Value County 2012 Estimated ,000 41%317,300 $1,509 $ 1,301 $ -208

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 / 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 = ,390 x.28 = $1, ,300 / 100 = ,173 x.41 = $1,301.

21 Comparison of 2012 Value and New Value on a Soundfront Residence This example is a soundfront home in Southern Shores, built in Value (based on 2005 market) % of Decrease New 2013 Value County 2012 Estimated ,00020%566,700 $ 1,977 $2,323 $ 346

22 Comparison of 2012 Value and New Value on a Non-Influence Residence This example is a home in Manteo, built in Value (based on 2005 market) % of Decrease New 2013 Value County 2012 Estimated ,80030%169,500 $ 680 $ 695$ 15

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

Revaluation Notice OWNERS NAME OWNERS ADDRESS OWNERS CITY, STATE

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