The Buncombe County Tax Office has announced that real estate taxes will be reassessed in 2017. Notices of new property tax values will be mailed to property owners in February.
Why is this Happening Now?
As discussed before on this blog, counties in North Carolina are required by statute to reappraise properties at least every 8 years, and no sooner than every 4 years. Our last assessment was in 2013, so the county has decided to assess at its first opportunity. Considering the increase in property values over the last 4 years, that doesn’t come as a surprise.
Each property’s assessed value will be multiplied by the Buncombe County tax rate, as well as any other township or fire district rates that apply to the property. To determine your tax rate, consult the Buncombe County Property Tax Rate Sheet.
Should You Appeal Your Tax Reappraisal?
It’s important to note that the county considers tax values to be market value. But in reality, tax values are typically less than market value. If your tax assessment comes in higher than your property is actually worth, it would be a good idea to appeal the value. But your appeal must be received by the county within 30 days of the date on the tax notice. Data to support the property owner’s opinion of value will be required. While tax records and Buncombe County GIS are helpful to provide data on comparables, they’re not as easy to study as MLS sales. If you’d like some comps for your property that might assist in a property tax appeal, please let us know. We’d be happy to help. But take note that when you appeal your tax value, it will cause the county to take a closer look. It could cause your value to go up (although I have yet to see that happen).
For more information on the Buncombe County 2017 Property Value Reappraisal, watch the short video below or visit the Buncombe County Tax Department website.