Do you make presentations to groups about revaluation?
The Tax Office welcomes invitations to make presentations to civic clubs, neighborhood associations and other membership groups to provide details on revaluation and answer questions. Contact us at 919-542-8211 or email us at firstname.lastname@example.org to schedule a presentation.
How do I obtain an form to appeal to the Board of Equalization and Review
Click here to view and download a form to appeal your valuation to the Chatham County Board of Equalization and Review.
How were values developed if there were no sales in my neighborhood?
Verified sales in similar neighborhoods are used and adjusted for location, materials, age, size and many other variables.
How will I know what my new assessed value is?
Every property owner will receive a notice in the mail by mid to late February 2017 with the new assessed value, along with information on why and how to appeal the new valuation. The information on new values will not be available until they are mailed out.
How will the new valuation affect my county tax bill?
An increase or decrease in your property's tax valuation does no mean that your 2017 tax bill will go up or down the same percentage. The Board of Commissioners sets the tax rate for 2017 before July 1, 2017. That tax rate will determine how much you actually owe for real property taxes in 2017.
What are the key phases of the revalution process?
Data Collection: In this early phase, data collectors may inspect properties to ensure accuracy of tax records and note any changes to the property. The condition and features of the property are noted. The data collector may ask questions of owners, verify measurements of structures and take photos. They will confirm any recent sales information. The purpose of visits is solely to collect information.
Appraisal: While the data collection is underway, appraisers will research current sales to identify where increases and decreases in value are happening. Current sales allow comparisons to be made, a key step in identifying factors for determining the true market value.
Determination of Assessed Market Value: Appraisers determine this value by dividing the county into neighborhoods. They then look at true market sales, construction costs, and commercial income, analyzed by neighborhood using the Schedule of Values (see below) to create the assessed value of a property.
Schedule of Values: The Schedule of Values is a set of rules, standards, laws, tables and guidelines used by appraisers to determine the tax value for each property. For the 2017 revaluation, a contracted vendor will develop a Schedule of Values from data collected from many sources, such as qualified sales and market trends. Once developed, the Schedule of Values goes to the Board of Commissioners for approval.
What if I disagree with my new tax valuation?
Your mailing notice with the new tax assessment will include information on how to file an appeal as well information on valid and invalid reasons for appealing. Once you file an appeal form, an appraiser will contact you.
What is revaluation?
It is a state-mandated process to update the assessed tax value of each property so that it is consistent with the current market value, as of January 1, 2017 Revaluation helps ensure a fair and equitable distribution of the tax burden. NC General Statute 105-283 defines current market value as the estimated price at which a property would change hands between a willing buyer and seller, with neither party under pressure or duress.
What is the timeline for the 2017 revaluation?
Now - November 2016 Data collection and inspection of properties
Schedule of Values presented to the Board of Commissioners for review and approval
January 1, 2017
Effective date of new values
February 2017 Notices of new values mailed to property owners along with information on how and when to appeal
Informal appeals through Tax Office
Formal appeals through the Board of Equalization and Review
September 1, 2017
Due date for 2017 property taxes
January 5, 2018
Last day to pay 2017 property taxes without penalty.
What is true market value?
True market value is the most likely value of a property, not necessarily the highest or lowest value. It also may not be the actual sales price. Instead, it is the price that would likely be paid by a willing buyer and seller, not under duress, with both having reasonable and full knowledge of the property’s uses. WHAT IT IS NOT: Foreclosures, short sales, lending agency sales from foreclosures, relocation agencies, auctions, family sales and other such options are NOT true market sales.
Only true market sales prior to January 1, 2017 will be analyzed, as required by state statute.
What types of property are included in a revaluation?
Revaluation includes residential, commercial and industrial land and structures. Personal property, such as motor vehicles, watercraft or aircraft, are not included in revaluation, because their values are determined annually.
When do the new values take effect?
They take effect on January 1, 2017. However, tax bills on these values are not due until September 1, 2017. However, the last day to pay 2017 taxes without incurring penalties is January 5, 2018. Penalties will incur starting January 6, 2018.
Where can I view my tax value and bill to verify it?
Once the new values are mailed out to property owners in mid to late February of 2017, you can click hereto get started in looking up your property and how much you owe in taxes. The new 2017 values will not be posted until that time.
Who decides what the assessed market value of property is?
The Tax Office’s appraisers do not create market value. They analyze local property sales, location, trends and patterns to determine a specific property’s tax value. Similar properties in the same neighborhood should have a similar appraised value. .
Why does my property value change?
All parcels are reviewed and reassessed during revaluation. Sales of other similar properties in your area are used to determine the current market value of your property.
Why is my property value different from my neighbor’s? Or why is the percentage change different?
Parcels near each other may have different values or changes in values due to various factors, such as access, permitted uses, size, age, condition, and types of materials used, etc.
Why is revaluation necessary and how often is it done?
North Carolina General Statute 105-286 requires counties to conduct a revaluation at least every eight years. Chatham County's last revaluation was January 1, 2009. Counties across the state are not on the same schedule for revaluation. Chatham County typically revalues every four years, but the 2013 revaluation was postponed due to the great recession.