Because assessment reductions achieved through a successful property tax appeal are not retroactive, knowing when your property is subject to revaluation is critical. The only way to maximize potential savings from an appeal is to file that appeal during the relevant revaluation year.
For property tax purposes, each county in North Carolina is required to revalue all real property within its borders at least once every eight years. Revaluations for North Carolina's 100 counties are staggered so that not all counties are revaluing during the same year. Some counties elect to revalue property more frequently than the 8-year mandate — most commonly every four years.
The following 12 North Carolina counties are scheduled to revalue effective January 1, 2022:
If you're responsible for property tax assessments of real property in any of these 12 counties, be on the lookout for revaluation notices, which should be mailed to the owner of record. While these notices could go out as early as December 2021, they're generally sent out in February or March of 2022. Overlooking a revaluation notice is the first of many potential pitfalls that businesses face. Once the notice is sent out, the company has a specific period of time, as stated on the notice, to appeal informally to the tax assessor's office.
If you receive your revaluation notice and believe it substantially overstates the value of your property effective January 1, 2022, give us a call to discuss whether an appeal might make good financial sense.