With 2017 being a revaluation year for Buncombe County, which includes the city of Asheville, property owners are beginning to receive revaluation notices—and most are seeing a significant increase in their assessed values.
As reported by Mountain Xpress, the 2017 revaluation is expected to increase Buncombe County's overall tax base from $24.7 billion to $31.5 billion, a roughly 28 percent increase from the 2013 revaluation. The biggest increases are expected to come for downtown Asheville property owners, where the average assessed value increase is reported to be 44 percent. Some property owners are seeing increases of over 60 percent, according to a recent articles in the Citizen-Times.
It isn't yet known how much the increased values will increase property tax bills, because the tax rate has not yet been set. Brownie Newman, chairman of the Buncombe County Board of Commissioners, believes they will reduce the rate some to help offset the property value increase.
According to the county's tax department, it expects to see between 15,000 and 16,000 property tax appeals. We've written extensively about the appeal process, which begins with a request for informal review, moves to a formal appeal to the local Board of Equalization and Review, and then goes to Raleigh at the North Carolina Property Tax Commission. See this article to determine if it might be worth it to pursue an appeal, and this one to think about whether you should get an attorney involved to assist.