Homeowners preparing for possible tax increases following property re-evaluations

WILMINGTON, NC (WWAY) — New property re-evaluations in New Hanover County are raising concerns among some residents about possible tax increases.

Under state law, property values need to be re-evaluated every 8 years, but New Hanover County does it every 4 years.

This year, the average property value in the county has surged from nearly $350,000 in 2024 to more than $580,000.

Mortgage broker Justin McCrone, who saw a 53% increase in his home’s value, anticipates higher taxes, but said he understands the need.

“I’m happy to pay it,” McCrone said. “It’s going to go towards schools, police, fire, infrastructure so as long as we’re getting what we need from increased taxes, I’m feeling okay about it.”

If the current tax rate of 45 cents per 100 dollars in value remains unchanged, McCrone estimates residents could likely see a 50% increase in their taxes.

To keep bills in line with 2024 numbers, the county would need to slash the tax rate by nearly half.

If the tax rate doesn’t change, New Hanover County could bring in close to $150 million in additional revenue, an amount County Commissioner Dane Scalise said isn’t necessary in order for the county to operate.

“We don’t need $150 million in new revenue to run county operations and that’s why I’m advocating for us to take this moment, take this opportunity and significantly reduce the tax rate from 45 cents to somewhere hopefully in the low 30s,” Scalise said. “That’s my hope, that’s my goal.”

County commissioners are expected to discuss potential tax rate adjustments as they continue working on the budget for the upcoming fiscal year.

The new fiscal year doesn’t start until July 1st, so any possible changes to the tax rate won;t be decided on for several months.