1. 2018 Revaluation Presentation May 14, 2018
County of Beaufort
2018 Revaluation Presentation
May 14, 2018

2. 2018 Revaluation Why is Revaluation Conducted?
Mandated by the NC General Statutes
At lease once every eight (8) years
Last done in 2010 (snap shot as of Jan 1)

3. 2018 Revaluation Purpose of Revaluation
To equalize tax base among all classes of taxable property.
To assure properties are described accurately on tax records assuring greater equity in the assessed valuation.
Revaluations are not conducted to raise revenue.

4. 2018 Revaluation Sales Ratio
Represents a comparison of property tax assessments with actual sales prices in the County from the preceding calendar year.
= (Assessment = Market)
> (Assessment > Market)
< (Assessment < Market)

5. 2018 Revaluation

6. 2018 Revaluation Statistics (overall County) Parcel Count +158
Land Value -3.59%
Building Value -7.19%
Misc. Improvements Value -4.97%
Total Market -5.44%
Land Deferred Value +4.98%
Exempt Value -9.34%
Taxable Value (before relief & exclusions) -5.52%

7. 2018 Revaluation Revenue Neutral Calculation Defined by NCGS 159-11(e)
Required to be submitted to governing board “for comparison purposes”
Calculates the tax rate required to produce the same revenue as the prior year allowing for average growth since the last revaluation
Tax Levy = Tax rate X Valuation
Refers to the aggregate tax burden for the entire jurisdiction, not the tax burden for individual taxpayers.

8. 2018 Revaluation Revenue Neutral Calculation
FY Valuation: $5,958,667,909
$ Rate
$32,772,673 Levy
FY Valuation: $5,730,622,022
$ Rate
0.90% average growth since the last revaluation (8 years)
$ Calculated Revenue Neutral Rate
Staying on ½ cent intervals
$0.58 per $100 valuation is Revenue Neutral Rate

9. 2018 Revaluation
Questions