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It is important to note that even with a revenue-neutral tax rate owners of real property will usually pay
more after a revaluation (a revenue neutral rate is defined as “the rate that is estimated to produce
revenue for the next fiscal year equal to the revenue that would have been produced for the next fiscal
year by the current tax rate if no reappraisal had occurred”). How can that be? Personal property
makes up a large percentage of the total tax base of New Hanover County. Personal property is valued at market
value each year, while real estate is valued at market value every four years. A lower tax rate will
result in less tax generated by personal property. So the net effect is that the tax base is re-equalized
with more of the overall tax burden shifting back to real property.

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