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| Wednesday, January 07, 2009 |  |
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COUNTY DEPARTMENT LIST |
Revaluation InformationNorth Carolina counties are required to revalue real property at least every eight years. The Forsyth County Board of Commissioners has chosen to authorize revaluations every four years. The next revaluation of real property will become effective on January 1, 2009. Fourth-year revaluations ease the burden of large shifts in value which may occur over an eight-year period. Property values change over time and must be adjusted periodically to maintain balance and equity. Real property values usually increase over time; however, not all properties increase at the same rate. Some properties actually decrease in value. Therefore, a revaluation is a re-equalization process with market value appraisals and equitable valuations as the primary goals. The appraisal staff of the Tax Assessor's Office has divided the county into approximately 1,300 appraisal neighborhoods. These neighborhoods are homogeneous in that the parcels within the neighborhoods share many common characteristics and are affected by similar influences. In conducting a revaluation, the appraisal staff reviews all recent sales of real property which have occurred within each neighborhood. This massive analysis of recent sales culminates in a uniform schedule of values, standards and rules which is applied to each parcel of real property in Forsyth County. The purpose of the uniform schedule is to insure equity in valuations. It would not be difficult to simply appraise a given property at its most recent sale price. This is not practical because many sales are not arm's-length transactions. Sales between family members, related corporations, gifts, etc. do not usually represent market value. The needs and compulsions of buyers and sellers also influence sale prices. For example, a home may sell for less than its market value because a sudden job transfer motivates the seller. Conversely, a home may sell for a higher amount to a new resident moving in from a region where home values are much higher. Analyzing all recent sales allows the Tax Assessor's Office to account for unusual circumstances such as those described above and develop a uniform schedule of values, standards and rules. The application of the schedule may not exactly match every recent sale price; however, the schedule insures that each parcel of real property will be treated in a similar manner. Forsyth County and the municipalities within the county adopt a budget each year. The tax rate supporting the budget is determined by the budgetary needs of the local government. Typically each local unit of government reviews the budget requests of their departments, determines how much revenue is available from sources other than the property tax, and then determines how much revenue is necessary from property taxes to balance the budget. Real property valuations may be appealed to the Forsyth County Board of Equalization and Review. The Board begins its
deliberations in May and continues until all appeals have been heard. Appeal forms may be obtained from the Tax Assessor's
Office. Decisions of the Board of Equalization and Review may be appealed to the Property Tax Commission; from there to the
Court of Appeals; and finally to the North Carolina Supreme Court. Technical DiscussionsThe Effect of a Revaluation on Taxpayers Receiving the Homestead Exclusion |
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