Reappraisal is a systematic, in depth process using a computer aided mass appraisal system to reappraise or reassess all real property in the County to the current market value. (Appraised value and assessed value can be used interchangeably in North Carolina because property is required to be assessed at 100% of its appraised value.) The real estate market is one of constant change caused by the freedom we have to buy and sell property. This change can vary greatly depending on a property's size, type and location. This can create an inequitable situation in the level of assessment among owners of property and inequity among differing types of property.
The longer this situation exists, the more unjust it becomes. The end result is an unfair tax burden on those properties which have an assessed value close to the actual market value compared to those properties whose assessed value is well below market value. The relationship between assessed, or tax value, and market value is called the sales/assessment ratio.
Additionally, utility companies are taxed based on the overall ratio between assessed value and market value. If the countywide sales/assessment ratio is below is below 90%, then the utilities are taxed at only 90% of value rather than 100%. The resulting lost revenues from the utility companies shifts more of the tax burden to local home and business owners. Ultimately, the purpose of reappraisal is to have each property carry its appropriate share of the expense to provide County services to its citizens while allowing the lowest possible tax rate.
A countywide reappraisal is an enormous and complex task. We are fortunate to have a qualified and knowledgeable in-house appraisal team in Buncombe County. They are all residents of the local area who are very familiar with property in the County. They have made every effort to consider all the many factors involved in determining property values through the completion of the reappraisal process. Field inspections are conducted, sales files are developed and analyzed and market trends continually monitored. Contacts are made with property owners, local realtors, building contractors, building suppliers and home lending institutions, all for the purpose of being as knowledgeable as possible about property values.