The updated tax values of property in Corolla will not take place unitl 2013 for Currituck County, but the anticipation is that values will dramatically decrease.

County officials have been at work planning for the change in valuation.  Local experts believe that a tax burden could be passed to property owners on the mainland. There is no question that the downturn of the market since 2005 has caused property to be sold under the appraised value. Some local realtors report that some properties are being sold as much as 70 percent of its appraised value. As of right now, the Outer Banks pays about 58 percent of the property taxes in the county.

Could the tax burden shift soon?  If property valuations drop as they have been predicted to, county officials will be faced with a difficult decision about raising taxes to makeup for the shortfall.