Vance County is in the middle of a tax revaluation process – something that state law requires happen at least once every eight years.
Vincent Valuations is the company contracted to complete the work of assessing the 26,000 parcels of property and the buildings that are on them.
According to County Manager Jordan McMillen, about 20,000 parcels have been completed, leaving about 6,000 to go. The company is finishing up their work in the city limits now, and then will come the task of estimating the values of the parcels.
Tax values went down after the last revaluation in 2016, but McMillen said he anticipates values will increase in the current revaluation, based on an improved economy.
The bottom line is this: will the tax bill you get in the summer of 2024 be more than you currently pay?
Just because values of parcels go up, it doesn’t necessarily mean we’ll pay more in taxes, especially if the tax rate goes down. The idea is to evenly distribute the tax burden across all property owners.
About a year from now, those tax bills will be generated and property owners will have the chance to appeal the valuation next April or May.
County leaders are already working on the 2023-24 budget, and the revaluation plays a role in creating that budget.
To make a long story short, the impact to your wallet is about 15 months away.
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