Asheville – Keep an eye on your mailbox as Buncombe County begins property revaluation process. As anyone who keeps an eye on the local property market can imagine, property values can go up.
In a June 30 news release, the county announced that it will be mailing property record cards to property owners with detailed information the county has on record for each property. Owners must certify that the information held by the Property Valuation Department is correct and provide details of any inaccuracies to the Department.
The property owner returns the information by tearing off the perforated portion of the property record card and mailing it. Buncombe County Tax Assessor Keith Miller told The Citizen Times on June 30 that residents are not obligated to return cards confirming the county’s information is correct.
The county’s new process is a departure from previous valuation policies that did not imply that property owners verify the county’s information for accuracy.
This marks the early stages of Buncombe County’s 2025 reassessment process. North Carolina law The law requires the county to reassess property values at least every eight years, but also gives the county discretion to reassess more frequently. Buncombe County will conduct its final reassessment in 2021 and typically conducts reassessments every four years.
“If you’re in a real estate market that rises in value every year, as we do, it’s best for the county to do it more often than every eight years,” Miller said. “Revaluation means equalization.”
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He added that different areas of the county have different rate increases.
“All being equal means everyone pays their fair share,” he said.
North Carolina law It also requires that the assessed value of the property be close to its true value.according to county websiteBuncombe County has 132,000 real estate lots.
according to County Budget DashboardBuncombe County is expected to collect more than $240 million in property taxes in 2023 and generate more than $255 million in revenue in 2024.
Miller expects most property values to rise, but said it’s too early to guess how much, considering the revaluation is a year and a half away.
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The Buncombe County Board recently approved a 1 cent per $100 property tax increase, bringing the tax rate for fiscal 2024 to 49.8 cents per $100 of assessed value.
The Citizen Times recently reported that Buncombe County was moving to adjust how the county’s wealthiest property owners are taxed. This followed reports that some of the most expensive homes were being taxed well below their selling price. Among them is the $40 million Deerhaven Gardens in South Asheville, which is taxed as if it were worth $3.3 million, less than a tenth of what its owners provided. was done.
appeal for re-evaluation
Buncombe County property owners can challenge the appraised value of their land. Here’s how:
- Step 1: Appeal informally to raters. Please file an informal appeal below Tax.buncombecounty.org Within 30 days after receiving notification of the tax assessor’s first judgment. The property owner will receive the result of the objection by mail. If the property owner likes the new valuation, it can be certified as the property’s new value. If not, you can proceed to step 2.
- Step 3: Formal Objection. File a formal complaint with the assessor’s office. An appraiser will contact the owner to discuss the value of the property. If the owner does not agree with the expert opinion, it plans to file a formal appeal with the Equalization Review Board. This hearing requires the presence of the property owner. A decision regarding the evaluation will be made during this hearing. It will also be mailed to the property owner within 30 days. If the owner likes this new value, they can keep it, otherwise they can go to step 3.
- Step 3: National Appeal. If a property owner disagrees with the Equalization Review Board’s decision, they may file an appeal with the North Carolina Real Estate Tax Commission within 30 days of receiving notice from the board. These charges will be heard in Raleigh.
- Step 4: Appeal to state court. If a property owner disagrees with the State Property Tax Board’s decision, it can appeal to the North Carolina Court of Appeals and the Supreme Court.
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Tentative reassessment schedule
The current schedule for reassessment activities by Buncombe County is as follows:
- Until December 2024: Door-to-door visits by county assessors.
- January 1, 2025: The effective date for the reassessment is 2025.
- January 30, 2025: Property owners receive notices of property values by mail.
- January-April 2025: A window to appeal the 2025 appraisal value of the owner’s property. Property owners may file initial objections to: Tax.buncombecounty.org.
- April 2025: The Equalization Review Board adjourns, ending the 2025 appeal period.
- June 30, 2025: Tax rates for 2026 have been approved by the Buncombe County Commission.
- August 2025: The collector will mail the tax notice to the property owner.
If residents have questions, call the Buncombe County Assessor’s Office at 828-250-4940.
Mitchell Black covers Buncombe County and Healthcare for the Citizen Times. Email mblack@citizentimes.com or follow us on Twitter @MitchABlack. Please support local journalism. subscription To Citizen Times.
