At least once every eight years, North Carolina requires all its counties to conduct a property revaluation to establish the fair market value for all homes in the state.
“The main thing with the revaluation is to reestablish the equity in the market,” said Orange County tax administrator Dwane Brinson. “Neighborhoods appreciate and depreciate at different rates. Once you do a revaluation, the goal is to just reestablish that equity so that everyone is paying on the current market value of their property.”
The last revaluation was done in January 2009 and the next one will take effect January 2017. Brinson said urged residents to remember that their current tax assessments use the 2009 value of their property, which will change in 2017.
“That increase or decrease in the value is not for that one year, it actually spans the past eight years,” he said.
Brinson said the county is looking for more input from the community and because of this, the Board of Commissioners extended the deadline to February 29 for submitting property listings.
The county sent listing forms to residents on December 31, 2015. Included in those envelopes was a new form that Brinson said the county has never tried before. It shows residents the county’s record of their home and lets people make corrections if information is false.
“We’re asking residents to take a look at that,” he said. “And if something is wrong with the property characteristics, to let us know ahead of time. That way we can go in, correct the records and make sure that we’re valuing the property for what it is.”
From December 2016 to February 2017, the county will send value change notices to residents. If you are unsatisfied with your valuation, there is an appeals process.
For more information on the revaluation, visit the county website.
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