Q: What does the term "revaluation" mean?
A: Revaluation means that the local tax officials are "reassessing" or "rechecking" the value of real property in Yadkin County. They are trying to equalize the tax value and the market value. Revaluation does not include personal property. The tax officials don't create the values; the values are determined by transactions that occur in the marketplace. The Tax Office simply has the legal responsibility to study those transactions and appraise your property accordingly.
Q: What is market value?
A: Market value is the most probable price, which a property should bring in a competitive and open market.
Q: Why is revaluation being done in 2005?
A: The State of North Carolina requires that every county complete the revaluation process at intervals of no more than eight years. The last revaluation in Yadkin County was in 1999. The County passed a resolution to advance the revaluation from 2007 to 2005 and every four years in the future. A majority of counties in the State have gone on the four year cycle because of the tremendous difference in values in an eight year period.
Q: Why have tax employees visited or why will they visit my home?
A: Revaluation is a lengthy process that takes about two to three years to complete. As part of the process, tax appraisers review information currently on the tax records and then they must visit each of the county's 30,000+ parcels. During home visits, appraisers verify square footage and look for changes such as room additions, decks, and outbuildings.
Q: What is the current status of the revaluation process?
A: The 2005 revaluation process will be completed in the fall of 2004. Residents will receive notices informing them of their new property values in late December. The notice will include the property's acreage and the new tax value.
Q: What is the Schedule of Values?
A: The Schedule of Values is a set of standards and rules for appraising property within Yadkin County. These standards and rules assure that all property will be appraised in a uniform and fair manner. The Schedule of Values will be initially presented to the County Board of Commissioners between July and August 2004. After that, the public will be offered the chance to review the Schedule of Values. This information will be available in the Tax Assessor's Office.
Q: Does higher property value mean higher property taxes?
A: Residents should not make any assumptions about taxes just because of the new property value. The actual amount of taxes that will be due will be based on the new property tax rate, which will be set no later than June 30, 2005. Once the new property tax rate is set, residents will be able to compute property taxes based on the revaluation.
Q: What if I don't agree with the new value of my property?
A: The revaluation process includes an appeals process. Once notice of the new value has been received, a resident can request an informal hearing. This request may be made, within 10 days, by contacting the Yadkin County Revaluation Office by filling out the Appeal Form found on the valuation notice page sent to the resident. Once the Revaluation Office is notified, an appointment will be scheduled with the taxpayer. A County appraiser will review how the taxpayer's property was valued. Taxpayers are asked to bring any documentation possible which supports their case. Some mistakes may occur and tax officials want to correct them as soon as possible.
Q: Can I appeal beyond the informal hearing?
A: Yes. Following the informal hearing, a taxpayer may request to have a hearing before the Board of Equalization and Review. This five-member board will review the case again and make a decision. After the Board of Equalization and Review, taxpayers can appeal to the State Property Tax Commission and ultimately to the State Supreme Court.
Q: When will my taxes be due?
A: Tax bills are normally mailed in August and are due September 1. Taxpayers have until January 5 to pay tax bills without incurring a penalty.
Q: Where can I get more information?
A: You can contact the Yadkin County Tax Office at 336-679-4221 or you may e-mail your question to padams@yadkincounty.gov
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Last Updated ( Friday, 11 May 2007 )
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