For nine North Carolina counties, 2018 is a property tax 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 tax more frequently than the 8-year mandate—most commonly every four years.
If you're responsible for the property taxes for your business, it's critical to stay on top of when your jurisdiction is revaluing since assessment reductions achieved through a successful property tax appeal are not retroactive. This can be particularly challenging if you're charged with the property tax function of multiple properties across multiple counties. Your opportunity to maximize potential savings from an appeal depends upon filing a property tax 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 nine North Carolina counties are scheduled to revalue effective January 1, 2018:
Anson, Avery, Beaufort, Clay, Franklin, Granville, Mitchell, Onslow and Roberson
If you're responsible for property tax assessments of real property in any of these 9 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 2017, they're generally sent out in February or March of 2018. 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.
While you can potentially save more money during a revaluation year, an appeal may still be worth it during a non-revaluation year, especially if your county is on an eight-year schedule. Check out our article on determining whether a property tax appeal is worth the time and effort.