Revaluation begins across Alleghany

It’s one of the most dreaded times for property owners county-wide. Revaluation is upon us.

Workers in clearly marked vehicles will be visiting local homes as the county attempts to adjust property values on the tax books with the actual value of properties. The county will also be reconciling what is actually visible on local properties with what is recorded in the tax records.

“The purpose of revaluation is to ensure that all property owners pay only their fair share of taxes based on the value of their property,” said Assistant Tax Administrator Rita Miller.

Pearson Appraisal Services of Wilson has been contracted to do the county’s 2007 revaluation.

Since revaluation only occurs about every eight years, many local residents could end up with a bad case of “sticker shock.”

Miller said she is not yet sure how the market values of homes have changed since the last revaluation. In other words, the market value of a property is based on the selling price of other properties in the county.

However, given that most local real estate has increased greatly in value over the past 30 years, it appears likely that trend will continue.

The notices of each property owner’s new value will be mailed out in September 2006, Miller said.

Those who disagree with the value placed on their property for tax purposes will then have the opportunity to make an informal appeal in December 2006. The results of those appeals will then be mailed out in March 2007.

According to information from the tax office, “If your appeal is not resolved through the informal process, or if you decide to appeal for the first time, you may request a hearing before the Board of Equalization and Review.” Those hearings will be set up by appointment through the tax office.

The Board of Equalization and Review is made up of the county’s commissioners. Those still not satisfied may then appeal to the N.C. Property Tax Commission or, ultimately, the court system.

Will My Taxes Increase?

Miller said it is hard to say how any individual property owner’s taxes will be changed because of revaluation for two reasons.

First of all, the tax issue will be decided by how much the property’s value has increased, but it can also be dramatically impacted by the tax rate. The commissioners in the past have dropped to tax rate after revaluation.

In addition, some people may qualify in tax reductions. Those who are 65 or older or permanently disabled can apply for the homestead exemption, which lowers the tax charged on homes. Income requirements are also considered.

Will Someone Visit My Home?

Miller noted that revaluation just got under way earlier this year — in February — and will take about two years to complete.

“As part of the process, appraisers look over tax records for each property and then visit the property to verify accuracy,” said Miller. “The appraisers may not need to actually come to your door if no discrepancies are noted.”

New construction or improvements are among the items that may be noticed during the revaluation process.

For more information on revaluation, contact Theresea Williams or Donnie Smith at 372-1765 or the tax office at 372-8291.

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