Revaluation

The last revaluation/reappraisal for Currituck County was January 1, 2005. Pursuant to G. S. 105-286, all counties in North Carolina are required to conduct a reappraisal every eight (8) years. The majority of the counties, including Currituck County, conduct their reappraisals on this time frame, although a growing segment of counties conducts reappraisals on a shorter cycle. Currituck County has revalued its' property every eight (8) years starting in 1965, the year of its' first revaluation/appraisal after the octennial schedule was imposed in 1959. The next scheduled reappraisal will be affective for the 2013 tax year.

During years that a general reappraisal is not conducted, G. S. 105-286 dictates that the real property shall be assessed at the value assigned during the last reappraisal. The assessor is limited by G. S. 105-287 to certain circumstances in which he may change the value of real property. These include correcting a clerical or mathematical error, or correcting an appraisal which resulted from a misapplication of the schedules used during the county's last general reappraisal. The assessor is also permitted to increase the assessed value of real estate when a structure is built or improved, or to reduce the value if a structure burns or is destoyed. The value can also be revised when property had been taxed as having a certain number of acres and the actual acreage is determined to be different.

The assessor may not increase or decrease the appraised value of real property, to recognize a change in value caused by: normal physical depreciation of the improvements; economic conditions affecting the county as a whole; or minor improvements to the property such as repainting, landscaping, terracing, etc. The county may not change the assessed value to reflect a general increases (or deceases) in property values until the next reassessment.

A county may choose to conduct its reappraisal "in-house" utilizing their own appraisal staff, by hiring an outside reappraisal firm, by employing consultants to assist their staff appraisers or a combination of the above. During the 2005 revaluation the county staff appraised the 4WD Fruitville Beach area of the county and hired the reappraisal firm Cole-Layer-Trumble to appraise the remainder of the County.