Brunswick Revaluation Shows Property in County Worth 25% Less

I wonder why New Hanover County refuses to do its revaluation. Oh wait a second, I know why. There'd be a similar drop, and people would be entitled to pay lower property taxes.

StarNews:

Brunswick County’s property tax revaluation has sent its worth down about $8 billion from last year, Tax Administrator Tom Davis said.

The latest estimate from the tax office put the total taxable value at $22.9 billion, about a 25 percent drop from 2010.

The figures will be a primary focus at the county commissioners’ budget retreat Thursday. The board will have to decide whether to increase the tax rate to keep the amount of revenue steady.