What is a Revaluation?
Revaluation is the reappraisal of value of each parcel of real estate including land, buildings, and outbuildings that are located within the County. A revaluation does not include personal property such as automobiles and boats whose values are adjusted on an annual basis.
Why have a Revaluation?
North Carolina General Statutes require counties to reappraise all real property at least every 8 years to reflect current market value. The last Revaluation in Guilford County occurred in 2004. Market value is defined as the price estimated in terms of money at which property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all uses to which the property is adapted and for which it is capable of being used.
What is the purpose of Revaluation?
The purpose of a Revaluation is not to raise or lower the tax assessments or tax base of a county. The main purpose of a Revaluation is to establish fairness and equity among all property owners and all property types.
How was the Revaluation performed?
As part of the Revaluation process, appraisers divided the County into approximately 2,500 appraisal neighborhoods. The appraisers reviewed properties and market information including recent sales within these neighborhoods to determine what similar properties are selling for. Appraisers then used a Uniform Schedule of Values to evaluate properties using the same standards to maintain fairness and equity.
Who conducted the Revaluation?
The Revaluation was conducted in-house by county staff who are familiar with the local real estate market and who are certified and licensed real property appraisers.
When will the Revaluation become effective?
The Revaluation will become effective January 1, 2012. Property owners will be notified of their new assessed values in March 2012.
How will my property value change?
Properties will not change uniformly throughout the County. Depending on market conditions and recent sales in your neighborhood, your assessed value may increase, decrease, or remain the same.
How will this affect my tax bill?
The Revaluation determines the tax value of your property. The tax rate is determined by the Board of Commissioners and the various city and town councils. The tax rate is typically set in June of each year. A tax bill is determined by multiplying the tax value by the tax rate.
How can I determine if my new value is correct?
You can review recent arms length sales in your neighborhood of properties similar to yours. The Guilford County website provides several on-line sites where comparable information is available.
What if I disagree with my property value?
If you wish to prove that your value is different from the amount stated on the notice, an appeal form with instructions concerning the information that will be needed for the appeal will be included with your Revaluation notice.
After I receive my Notice of Assessed Value, how can I compare my new value to my old value?
Your parcel's old value can be found on its 2011 tax bill which can be accessed at http://taxweb.co.guilford.nc.us/publicwebaccess/
Select "Parcel Number" from the Search By drop down box, enter your Parcel number from your Notice of Assessed Value, select "2011" from the Tax Year drop down, and click on "Go".
The results will include a hyperlink to the 2011 Tax Bill. Click on the Bill# hyperlink to view Bill Details that will include the parcel's value prior to the 2012 Revaluation.
Additional Questions about the Revaluation?
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