Real Estate Tax Timeline
Buncombe County property tax bills are sent out in September of each year, and are for the current calendar year. So, the bill you receive in September is for the calendar year January – December. It is considered “due” when received, but is not “late” until early January of the next year. Here are some tips about how the Asheville area property tax is assessed and calculated.
When a home is sold, and closing takes place before the bill is received, the seller will credit the buyer for his portion of taxes. The buyer will then pay the entire bill when it comes due. If the bill has been received but hasn’t yet been paid, the closing attorney collects pro-rated taxes from both buyer and seller and pays the bill. If the bill has already been paid, the seller receives a credit from the buyer pro-rated for the rest of the year.
How Much are my Real Estate Taxes?
Property tax bills are public record and can be found online at the Buncombe County Tax Collector’s website.
How are Property Taxes Calculated?
Taxes for a property are calculated as follows:
1. Each property is subject to the Buncombe County tax rate.
2. Properties are also subject to a tax for the city, township, or fire district in which they are located. Towns and cities include Asheville, Biltmore Forest, Black Mountain, Montreat, Weaverville, and Woodfin. City of Asheville properties pay an additional school district tax.
3. Buncombe County also levies a tax for the “Culture and Recreational Authority.”
Here is the detailed Buncombe County Tax Rate Sheet.
When will my Property Value be Re-Assessed?
North Carolina law requires that each county assess property values at least once every 8 years, but no more often than every 4 years. Buncombe County was last assessed in 2013, so our next re-assessment will be no sooner than 2017 and no later than 2021. This is different than in other states, such as Florida, where the last sale price becomes the assessed value. When the Tax Department mails out new property value notifications, they will say that the assessed value is the same as market value. However, it is generally understood that assessed values (at the time of assessment) are typically less than market value. In our experience, the new assessed value is about 70-80% of market value. If your new tax assessment is higher than tax value, you might want to appeal.
How are Real Estate Taxes Appealed?
An Asheville area property tax can be appealed. The appeal process is explained online at the Tax Department’s website.