What is revaluation? Revaluation is the process of reappraising all real property in the county to current market value as of an effective date. This differs from the annual process of notifying property owners whose property values change due to land revisions, new houses, additions, and remodeling. The last countywide revaluation was completed on January 1, 2003. The effective date for the next revaluation is January 1, 2009. The aim of the new revaluation will be to adjust all real property values for changes in the real estate market since 2003.
Why do a revaluation? Market conditions are constantly changing. Over time property values change at different rates and in proportion to each other. Revaluation brings property values back in proportion so that each property owner pays an equitable share of the property tax burden. In addition, state law requires it to be done at least every eight years.
Will my taxes go up? Revaluation is not designed to raise taxes. It is to realign the tax base to equitably distribute the tax burden. Any possible increase in your individual property tax cannot be determined until the Board of County Commissioners sets the tax rate in June.
What if my value is too high? If you feel that your property value is appraised too high, you can appeal the value to the Assessor's office. Complete the bottom portion of your notice marked "Request for Informal Review," then return it to the address listed on the back. Be sure that you fill out the form completely and attach copies of any information such as comparable sales in your neighborhood or the photographs of the condition of your property that you'd like to be considered. The Assessor's office will carefully review your information and inform you, in writing, of any change to your property value.
What if I disagree with their decision? If you get your new notice and are still not in agreement with the value, you can appeal to the Board of Equalization and Review. The steps for appealing will be on the notice you receive.
Why does it take so long? During a revaluation, we will have many requests to review information and values. Please be patient. This may take several months since we have nearly 350,000 properties in the County.
What if I didn't get a notice? With the time necessary to do a revaluation and the large volume of accounts, not all notices will go out at once. Approximately 200,000, mostly residential, notices will be mailed out in January. The remaining notices will go out monthly until all notifications have been made.
I have a new house and it is not assessed. What do I do? We will still be completing our process of picking up new construction for improvements made prior to January 1, 2009. You may receive an initial revaluation notice for land only. A subsequent notice will be mailed which will include any new improvements that have been made. If you receive your tax bill in September and it doesn't reflect your improvements, please contact our office.
Want to learn more about property taxes in North Carolina? Just click this link to go to an article published by the Institute of Government in Chapel Hill.
Or, check the Real Estate web site for more information.
