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1. What is revaluation?

Revaluation is the process of valuing all real property at its current market value. "Market value" is the price, estimated in terms of money, at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.

2. Why is revaluation necessary?

One misconception is that a revaluation is conducted to raise more money for the county and municipalities. This, however, is not true. North Carolina law requires each county to complete a property revaluation at least once every eight (8) years. The primary purpose of a revaluation is to make sure all properties are valued or assessed equitably.

3. What is meant by equitable?

The revaluation process allows the tax department to equalize, or make equitable, the tax burden among all classes of property. An example of this is illustrated in the following scenario:

We have 2 residential properties, A & B, very similar but in different parts of the county. In the county's 2003 revaluation it is determined that both properties are worth $150,000 each. In 2005 a new state of the art school is built near property B and this area becomes a very desirable place to live which in turn drives home values up at a faster than normal rate. In the 2011 revaluation it is determined through sales that property A is now worth $175,000 but property B is worth $225,000. If not for the revaluation both properties would still be paying the same tax even though property B is worth $50,000 more than property A. Therefore, the revaluation redistributes the tax burden to reflect the true market.

Another example could be that commercial properties have increased 50% while residential have only increased 20%. By conducting a revaluation the tax burden can be distributed accordingly.

4. How much will revaluation affect my tax bill?

Revaluation determines only one of two components of your tax bill, the assessed value. The other component, the tax rate, is set by an elected body such as the County Commissioners, the City Councils, or Town Boards. There is no way to determine at this time what the tax rate(s) will be. The tax rate(s) may vary each year, but if there are no changes to your property, the assessed value will remain the same until the next revaluation.

5. How much will my property value change?

The best way to estimate what your new value will be to consider what your property would sell for on the open market. We do not value property by using percentages. We use the 3 accepted appraisal techniques (sales comparison, cost, and income approach). We value property by neighborhoods using actual sales from those neighborhoods when possible. In other words, people who buy and sell real estate establish market values.

6. What if I believe the appraisal is incorrect?

All property owners have the right to appeal the new values if they feel it exceeds true market value. With 64,000+ parcels, mistakes are possible or there may be damage that was not evident during our site visit. Our goal is to have accurate information, so if you feel we overlooked something, please bring it to our attention.

7. Should I appeal?

You should file an appeal if you feel the assessed value exceeds the market value of your property. You should include a recent appraisal or other documents relating to the condition or value of your property and similar properties.

You should not file an appeal if you think the assessed value is about what you could sell your property for. Also, your ability to pay your tax bill is not a valid reason for an appeal.

The detachable bottom portion of the revaluation notice will serve as your informal appeal form. The form must be completed in its entirety and returned to the Tax Office within 30 days of the date on your notice. You will be contacted by a Tax Office employee or a second revaluation notice will be sent to notify you of any change in value. If you are not satisfied with the results of the informal appeal, you may wish to file a formal appeal with the Wayne County Board of Equalization and Review. Instructions on how to do this will be included in your second notice. If you are still dissatisfied with the Board's decision you may file an appeal with the North Carolina Property Tax Commission.