and also the taxes!
New Hanover, Pender, and Brunswick counties have recently completed new tax valuations for property owners in the cities and towns of Wilmington, Leland, Hampstead, and the smaller communities they serve. Recent appraisals will no doubt bring about some negative comments from some property owners. Some of the beach towns...Wrightsville Beach, Kure Beach and Carolina Beach have seen triple digit increases, surely that will not be good news for some.
The assessed value of property in New Hanover County has risen by roughly 81 percent.
A surge in coastal land prices in recent years coupled with low
valuations the last time the county reassessed in 1999 means homeowners and others better brace themselves.
The county's property values reflects the continuing lure
of coastal living and the relative affordability of New Hanover County in comparison with other oceanfront areas around the country.
Nowhere is this more apparent than on Pleasure Island.
"People's budgets just aren't equipped for that kind of increase,
especially if you're on a fixed income, I think you're
going to see a lot of people having to make some hard decisions, especially with the market the way it is right now.
The value of the county's real estate has more than doubled in four years, while its total tax base - including personal property - has risen 92 percent.
There is a silver lining.....it is a great time for investing in the area real estate! The prices are still lower than comparable sea side resort towns, low unemployment rates, many new building projects including a new convention center, a very active college campus, a projected annual appreciation rate of 9% and the best reason is this appraisal process will not happen again for another 7 years.
