Frequently Asked Questions About Revaluation and Property Taxes
If your questions about revaluation, appeals and tax bills remain unanswered after reviewing the following FAQs, email firstname.lastname@example.org or call 704-920-2126.
What is revaluation?
Revaluation is the process of establishing an appraised market value for every real estate parcel in the County using mass appraisal techniques.
Why is Cabarrus County doing a revaluation?
NC State Law (NCGS 105-286) requires that we conduct a countywide property revaluation at least once every eight years. Cabarrus County has adopted a four year schedule for revaluation in order to more accurately reflect the ever changing real estate market.
What is the benefit of revaluation?
Revaluations are intended to equalize property tax values for all property in the County. Since real estate property taxes are based on the value of real estate and real estate markets are ever changing, it is important to update real estate tax values periodically to ensure that all property owners are paying taxes based on their fair market value.
How will the Assessor determine my property value?
Appraisers from the Assessor's office evaluate property by analyzing data collected, sales transactions and neighborhood reviews to establish the fair market value for each parcel of real estate in the County.
What is the definition of Fair Market Value?
According to NC General Statute 105-283 - market value is defined as "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".
What % increase in value should I expect?
There is no flat % charge applied to property values. Each property will be valued at its fair market value as of January 1, 2020, regardless of its prior assessment. While most real estate values have appreciated over the last 4 years, some have increased significantly, some slightly, others have remained nearly the same or even decreased. The amount of change from one revaluation to another is not a valid reason for appeal.
What do I have to do when I get my notice of values?
There is nothing required for you to do at this time. We do suggest that you review the estimated value of your property. We encourage you to review the appraisal details and sales of property in your area. If you have any questions or concerns you may wish to contact us or initiate an informal review.
How can I find information about my property and appraised value?
How can I find information about sales in my area?
Cabarrus County has created a Real Estate Sales Analysis dashboard to assist in your research. Sales information is available through our Sales Search and deed information is available through the Register of Deeds.
What if I determine something is incorrect on my property record card?
You should initiate an informal review so that an appraiser can review your information.
Informal Review and Property Tax Appeals
How do I know if I should appeal?
If you think the appraised value of your property is too high or too low, you should begin with a review of your property record card and appraisal data to confirm that we have accurate information about your property.
Next review sales information in your area to see what similar properties have been selling for.
If you are still concerned after review that your appraisal is too high or too low you should initiate an informal review.
What information must I have to appeal?
Your appeal should be submitted in writing, either on the form your notice was sent on, or by letter or through our online appeal system. Nothing specific is required to initiate a review, however, the more information you have supporting your position, the more effective your review will be. We will consider all supporting documentation that is provided.
What are valid reasons for appeal?
Valid reasons include: (1) The assessed value of your property can be shown to be significantly higher or lower than the true market value. (2) The assessed value of your property can be shown to be assessed inconsistently as compared to other like properties.
What happens after I submit my appeal?
The appraiser for your area will review the information that you have provided. Once reviewed we will respond with a notice of "Informal Review" explaining what actions we have taken, and steps to further your appeal to a formal level if we have not satisfied your concerns.
How long will my informal review take?
We intend to process reviews and appeals as quickly and efficiently as possible, but the response time will be determined by the amount of reviews that have been requested. We want to ensure we are taking the time to adequately respond to all reviews. We will respond in writing upon completion of the review. You will have 30 days from the response notice to further your appeal if necessary.
Do I need a lawyer or tax rep to file an appeal or to be successful in my appeal?
You are not required to have any representative to initiate an informal review. We look forward to the opportunity to work with you during the informal review process. This is our opportunity to communicate with our property owners, educate on our process and address any concerns. There is no cost to appeal or request a review.
If you wish to further your appeal to the Board of Equalization and Review or the State or Court levels there are still no fees, though representation may be required or necessary for non-residential property owners.
How will the Revaluation affect my tax bill?
Changes in the assessed value of your property may affect your tax bill, but the affect will not be known until the County Commissioners and individual municipalities and taxing jurisdictions have established tax rates through the annual budget process. This process takes place through the spring months and tax rates should be finalized in June.
When will I get my tax bill?
Tax bills are typically created and mailed towards the end of July or first part of August.
When will my tax bill be due?
Tax bills are due on September 1st. They are considered past due if not paid prior to the following January 5th.
Questions or Comments
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