For 24 North Carolina counties, 2017 is a property tax revaluation year. Each county in North Carolina is required to revalue for property tax purposes all real property within its borders at least once every eight years. North Carolina has 100 counties, and their revaluations are staggered so that only some counties are performing a revaluation in any given year.
If you are responsible for the property tax function of multiple properties across multiple counties, it can be difficult to keep track of which jurisdictions are in a revaluation year. This task is critical, since assessment reductions achieved through a successful property tax appeal are not retroactive. So, your opportunity to maximize potential savings from a property tax appeal is dependent upon filing that appeal during a revaluation year.
The North Carolina Department of Revenue publishes each year a list of county tax rates, most recent revaluation years, and scheduled future revaluation years for each of North Carolina's counties. The following 24 North Carolina counties are scheduled to revalue effective January 1, 2017:
If you are responsible for monitoring property tax assessments of real property in any of these 24 counties, be on the lookout for revaluation notices, which should be mailed to the owner of record. While such notices could go out as early as December, 2016, most will be sent in February or March of 2017. Once sent, the clock begins to run to appeal the proposed valuation, so overlooking the revaluation notice is the first of many potential potholes in the road to a successful property tax appeal.
If have questions about a property tax revaluation notice of a commercial or industrial property in North Carolina, give us a call.