New Hanover Property Values Expected To Jump
Wilmington, NC – New Hanover County's tax department says it's will wait another two weeks before sending out property revaluation notices.
The 2007 notices were to go out Wednesday, but now they will be sent on Valentine's Day.
State law requires property revaluations at least every eight years.
New Hanover County Tax Administrator Robert Glasgow tells WHQR news that the average property value as of three days ago was at 110%. He says that's down by 7% of the figure tallied nearly a week ago.
Glasgow says the additional two-weeks are needed to assess the true market value for the more than 97,000 property owners in New Hanover County.
Meanwhile, North Carolina's insurance commissioner says homeowners can expect to see a jump in the cost of insurance. Commissioner Jim Long says coastal residents can expect a 25% increase.