Vance County property owners will find revaluation information in their mailboxes next month, which will provide information about current market value of homes, as well as business and industrial properties. But it will be later in the year before they’ll know just how that market value calculation will affect their tax bills.
Individual property owners’ bills could go up, go down, or stay about the same – the somewhat fuzzy picture will come into focus as elected officials nail down a budget for next year. Just because your home’s current market value goes up – and it most likely will go up – does not mean that your tax bill will go up, too.
The new values took effect Jan. 1, and tax bills will go out in July. But it won’t be until June that the new tax rate will be determined.
The tax rate is what elected city and county officials will decide on when they’re calculating how much money will be needed to pay for schools, public safety, human services and more.
If the total market value of all the appraised properties increases, that means the county’s overall tax base increases. And that could mean that your tax bill stays pretty much the same, despite the fact that your property’s market value increased.
The county contracted with Vincent Valuations LLC to complete the appraisal, which included every single property in the county. State law requires counties to undertake the revaluation at least every 8 years; the last one completed in Vance County was in 2016.
In addition to complying with state law, a revaluation is necessary to maintain equitable and uniform property values among property owners throughout the county, according to a report prepared by the Vance County Tax Office.
Market value is “the most probable or most likely price that the property would sell for,” the report explained. It is not the highest or the lowest or an average price.
Appraisers look at everything from square footage, building dimensions, type of construction and condition to help determine market value. They also consider heating and cooling systems, plumbing, the age of a building and its usefulness when making their calculations.
Revaluation is done on all residential, commercial and industrial land and structures but not on personal property like motor vehicles and boats, whose market value is adjusted each year
If a property owner reviews the revaluation notification and disagrees with the market value figure, there is a process to appeal.
The tax office report listed several examples of valid – and invalid – reasons to appeal the decision.
Property owners may choose to appeal if the market value “substantially exceeds” the actual market value of the property, or if the market value is inconsistent with the market value of similar properties within the same neighborhood.
It’s not enough, however, to state that the figure is too high or more than the insurance value of the property. Those aren’t valid reasons, the report states.
Individuals who wish to appeal should complete an informal appeal form and return it via U.S. Postal Service, fax or email.
Mail completed forms to:
Vance County Tax Office
Attn: Revaluation
122 Young St. Suite E
Henderson, NC 27536
Completed forms may be faxed to 252.738.2059 or emailed to taxoffice@vancecounty.org.