In 2021, Buncombe County is revaluating all real property for property tax purposes. The County reappraises property on a four-year schedule, so the property values established this year will remain in effect until 2025, unless the property is physically altered or the value is reduced through appeal. Assessment reductions achieved through a successful property tax appeal are not retroactive, so it’s critical to file your Buncombe County appeal this year if you want to maximize your potential savings.
Given the rapid growth in the Asheville area, many Buncombe County property values have increased by about 18% since the last revaluation in 2017, according to the Mountain Xpress.
Buncombe County sent its revaluation notices to property owners on February 1, 2021. Don’t overlook this message, as you’ll have only a limited time to appeal if you believe that the value on the notice exceeds your property’s fair market value. First, you should file a request for informal review with the Property Assessor’s office, within 30 days of the date on the Notice of Reappraisal.
If your informal appeal is unsuccessful, or if you fail to file a request for informal review within the time allotted, then you may file a formal appeal with the Buncombe County Board of Equalization and Review. You’re required to do so before the Board of Equalization and Review’s adjournment date, which has been set for April 14, 2021. The informal appeal process is optional, but the April 14 Buncombe County BER deadline is jurisdictional: if you miss this deadline, you will not be able to appeal in 2021.
If you are unhappy with the result of your BER appeal, you can proceed to the North Carolina Property Tax Commission. Final property tax bills, which will be computed based on your assessed value, will be mailed in August and will become due in September. The County and any applicable municipalities typically set their tax rates by July 1, the beginning of the fiscal year.
Buncombe County has launched new online tools to assist taxpayers in determining the fair market value of their land. In January 2021, the County posted its most recent assessment numbers on this portal. Give us a call—and take a look at our 2021 Guide to NC Commercial Property Tax Revaluation—to start considering whether it might be fruitful to pursue a property tax appeal this year.