Property revaluation is coming
Vance County is preparing to reassess its property values.
Porcha Brooks, director of the tax office, said her department will send a request for proposal to potential contractors next month.
“That’s why we have to do it, to make sure the market value is current,” Brooks said at the county commissioner’s annual planning retreat. “The state requires us to do this.”
She said a property tax revaluation is an in-depth process of reappraisal of all the real property in the county at its current market value.
She said all real property includes the value of each parcel of real estate, land, buildings and outbuildings that are located within the county.
Brooks said the current assessed value in Vance County is 38 percent over market value.
Market value, as defined by N.C. General Statues, is the price estimated in terms of money that property would change hands between a willing and financially able buyer and willing seller.
State statutes mandate all counties to reappraise all real property every eight years. The last property tax revaluation in Vance County was 2008.
When the commissioners completed the process six years ago, an acreage factor table that was eight years old was included in the schedule of values for Vance County properties, though a new table had been prepared for 2008.
The outdated table, included in the original instructions for completing the process, was approved by the commissioners in 2007.
The reappraisals were actually completed based on the correct 2008 table.
At the retreat, some commissioners expressed interest in having a preliminary assessment to forecast the revaluation.
Commissioner Archie Taylor suggested that the information about a preliminary assessment could be included in the county’s request for proposal.
“The statement of work in the request for proposal would state when they would begin evaluating and when the first results would come back,” Taylor said.
But others, like commissioners Terry Garrison and Dan Brummitt, warned against gathering those estimates.
“I would caution as we go forward and gather preliminary estimates of property values,” Garrison said. “We don’t want to put ourselves in a precarious position, whereby we may create a conflict for ourselves. I just think we would be wise not to make assumptions because at some point it will become a fact and it will be hard to undo that.”
Brummitt reminded the commissioners they won’t know the reappraised property values until 2016.
“We approve the schedule of values and that schedule of values is the basis they will use, but the actual appraisal date is appraisal as of Jan. 1, 2016,” he said. “We can get an idea of how things look, but when they’ve done 100 houses in March, we can’t say, ‘What is the appraisal on these houses?’ because we won’t know those values until Jan. 1, 2016.”
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