Homeowners in several counties in the east are getting notice of new property values and for some there's bad news. After this year's property revaluation in Pitt County, many homeowners are finding out their house is not worth what it used to be.
On top of having their home values decreased, Pitt County officials say certain areas, could see an increase in their property taxes. Pitt County Manager Scott Elliot says this year's 6% decrease in property value is a direct result of the recession, but he argues that when it comes to a decrease in property value, Greenville is not being hit as hard as other parts of the state.
"You are seeing other areas in North Carolina, other areas of the country, going down 30%, 40%, so I think on average our property value in Pitt County--if you are in that 6-8% decrease, we have a lot to be thankful for," said Elliot
Elliot says the decision on whether to raise property taxes in Pitt county will be decided in May.
The value of property in another another eastern carolina county has increased considerably.
Pamlico County Manager Tim Buck says property values increased in the county by 20 -25%, but about 10% of the homes in the county saw storm damage from Hurricane Irene, and some of those homes may see a drop in value. Buck says it is too early to tell whether they will lower taxes to offset the difference.
All counties in North Carolina do property revaluations every 8 years, but Pitt County does revaluations every 4 years.