As many Wilmingtonians are aware, property values in New Hanover County are re-assessed for tax purposes every eight years, and 2007 was an 8th year. You could practically hear the moans and groans from residents as they opened their mail in February to discover their home’s assessed value had increased by 75-100%.

After all, a lot has happened in the past eight years. New Hanover County saw an average 20% appreciation for both 2004 and 2005. To help shield against the uproar, NHC announced their plan to make taxes “revenue neutral” for 85% of residents by lowering the tax rate (which was previously $1.14 per $100 of assessed value for city + county). Well, the new rates have been published and are available for your viewing below.

Drum roll please…

Below you’ll find the new/current tax rates for New Hanover County and surrounding areas. Remember, this amount is per $100 of assessed value so to calculate your annual taxes you would do (current value/100)*tax rate.

Keep in mind that with most areas you add the city rate to the county rate to get your total. Some communities, such as Bayshore Estates, Marsh Oaks, Northchase and Porters Neck, are outside the city border and thus owners are only required to pay county taxes. Please let us know if you have any questions!

This entry was posted on Wednesday, August 1st, 2007 at 11:21 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.