What is taxable real property?
Real property includes land and buildings or improvements on the land to include manufactured homes on a permanent foundation.
How is real property valued?
The Machinery Act (General Statute 105, Subchapter II) provides the framework for the listing, assessing, and appraising of both real and personal property in North Carolina.
Every four years, the Buncombe County Assessor completes a process called reappraisal of all real property in the County. The purpose of reappraisal is to value all real property. Reappraisal must comply with North Carolina law, which requires property to be valued—or appraised—at its current market value. The law also requires each county to conduct a reappraisal at least every eight years and to ensure all taxpayers are taxed fairly and equitably. Values are placed on real property using either one or a combination of the following appraisal approaches:
- Sales comparison or market approach: This approach compares the selling prices of similar properties and places a value on those properties based on actual selling prices. This approach is the most accurate when there are numerous sales occurring.
- Cost approach: Values are determined on what it would cost to replace a similar property at current building costs, minus depreciation, based on a variety of factors and the age of the property. This approach is best used for unique properties or newer construction.
- Income approach: This approach is used primarily on income-producing properties such as apartment buildings or business offices. Revenues are analyzed to determine net operating income. This income is then capitalized to determine the value for the property.
Does the estimated market value change at the same rate on all properties?
No, the market value does not change at the same rate on all properties. There are differences between individual properties and neighborhoods located within the County. In one area of the County, recent sales may indicate a significant decrease in value each year, while in another area of the County, the sales may indicate a significant increase in value in the same year. Market value is determined by buyers and sellers in the local real estate market. It is also possible for properties within the same neighborhood to show different value changes.
Many factors are considered during the appraisal process:
- Location
- Condition
- Size
- Construction quality
- Number of bathrooms
- Finished basements
- Pools
- Garages
- Economic conditions
When is the next Reappraisal?
Jan. 1, 2025
When a property sells, does that mean the value automatically changes to reflect the sales price?
The amount that a property sold for can be different than its market value. The assessed value of a property will not change until the following reappraisal year, with the exception of those that have physical changes. There may also be underlying conditions that contribute to the sales price of a property, including lack of knowledge for a property’s use, a familiar relationship between buyer and seller, and other factors.
How will I be advised of my 2025 reappraisal?
A notice of value will be mailed to all Buncombe County real property owners on file with the Buncombe County Assessor’s Office on or about Jan. 30, 2025.
What if I disagree with the County’s assessed value?
There is an appeal process for property owners that disagree with the appraised value. First, an informal appeal form must be completed and returned to the Assessor’s Office prior to April of the year in which the appeal is being made. You may start the process online or call the Assessor's Office at (828) 250-4940 to request a form. Click here for more information.
Is Property Tax Relief Available
Under specific circumstances, property owners may be eligible for reduced or tax exclusions due to age, disability, and/or Veteran status. Taxes or participation in other deferment or special programs. For more information on elderly, disabled, and disabled veteran relief visit buncombecounty.org/taxrelief.
Are there exceptions or special programs available?
Under specific circumstances, property owners may be eligible for reduced taxes or participation in other deferment or special programs. There are specific requirements (which are different for each program) that must be met in order to participate. Available programs are listed below with contact information.
Present-Use Program
The Present-Use Value program was enacted by The North Carolina General Assembly. It allows for reduced taxable value for individually owned property currently in use for agriculture, horticulture, or forestry. Property accepted into this program is assessed at its value as an operating farm. The present-use value is usually less than the market value of the property. The difference between the present-use value and the market value is deferred. When the property or a portion of the property is removed from the program for any reason, the deferred taxes for the current year—and the previous three years—become due, plus interest.
Applications for this program are accepted during January of each year.
Exempt Property
North Carolina law allows for certain types of property to be exempt from property taxes if they meet the requirements specified. Some types of exempt property may include but are not limited to:
- Religious purposes
- Burial
- Educational, scientific, or literary purposes
- Charitable purposes
Applications for exemptions are accepted by the Assessor’s office in January. For more information, contact the Buncombe County Exemption Division at (828) 250-4915.
Will reappraisal affect my property tax bills?
An increase or decrease in the appraised value of a property may not predict whether your property tax will increase, decrease, or remain the same. Only after the tax rates are set by the Buncombe County Board of Commissioners can the property tax be determined. Tax rates are set by July 1 every year.
When will I receive my real property tax bill?
Tax notices, commonly known as bills, are mailed in early August each year and become due on Sept. 1. However, there is a four-month grace period allowing property owners time to pay their taxes until the following Jan. 5 before interest is added. Payment plans are available through the Tax Collectors office at (828) 250-4910.
How are property taxes determined?
It is the responsibility of the Assessor to value all taxable property within the County. The total value of all the property within the County is what is known as the tax base. Each County agency or department submits an annual operating budget to the County Manager. The County Manager then submits a recommended total County budget to the Board of Commissioners for their consideration.
The Board of Commissioners reviews the recommended budget and conducts a public hearing for input. By the end of June, the Board of Commissioners adopts a budget for the fiscal year beginning July 1. The budget is divided by the value of the tax base to determine tax rate. The tax rate is based on amounts per /$100 of property value. For instance, Property tax = value of the property x tax rate. Let’s say your property was valued at $250,000 X .00489 = $1,222.50, a similar process is completed for each municipality and fire district within Buncombe County.
Where and how can I pay my taxes?
Property owners have several options for paying taxes due. Click here for more information.
What is Ad Valorem Tax?
Ad valorem is derived from the Latin ad valentiam, meaning according to the value. An ad valorem tax is a property tax based on the assessed value of the property, which may not be equivalent to its market value. Ad valorem tax is used for real estate, personal property, and motor vehicles.
What is Personal Property?
Property that is not permanently attached to real property and can be moved. Personal property includes, but is not limited to, manufactured homes, boats, motorhomes, jet skis, unregistered motor vehicles, trailers, airplanes, household furnishings in income producing residential rental property, etc. It is the responsibility of the owner to list personal property with the Buncombe County Assessor’s Office in January of each year to avoid incurring a penalty for late listing. Learn more about the listing period here.
What is a tax district?
A political subdivision of one or more assessment districts where a governmental unit has the authority to levy taxes. For example, one of Buncombe County’s five municipalities or a fire district.
Are commercial properties taxed at a different rate than residential properties?
No. North Carolina does not allow for different tax rates based on property class.
Are luxury homes valued in a different way than moderately valued homes?
The appraisal process follows the same steps for luxury homes as it does for other residential properties. One step in the appraisal process includes plus or minus adjustments that may affect the assessed value of a home. Aspects of all properties (such as location, age, topography, etc.) are taken into account during the appraisal of all properties. There are specific adjustments that can be made for features present in a luxury home that may not be present in a standard home, such as renovated fireplaces, elevators, or other special features.
Does my income affect my value in my residential property?
No. Property owners' income has no influence on the value of the property.
How often is property reappraised in Buncombe County?
All property is reappraised every four years in Buncombe County. The previous reappraisal years were 2017 and 2021, with 2025 being the next reappraisal year. North Carolina law requires each county reappraise all property at a minimum of once every eight years.
If I make changes to my property, what do I need to do?
Contact the Assessor’s Office to list any physical changes to your property. Those physical changes may affect the value of your property.
How does my neighborhood affect my property value?
One step in the mass appraisal process is the grouping of neighborhoods with like characteristics (such as geography, age, zoning, school districts, etc.). This allows similar neighborhoods to be compared to each other. From there, a method called neighborhood clustering is used. This means that properties with similar characteristics within those neighborhoods are grouped together. Because of this method, appraisers are able to estimate property values based on recent sales data. This can lead to more accurate and efficient assessments and reveal trends in market data.
When can my property value change outside of reappraisal?
If physical changes are made to a property between reappraisal years, its assessed value may change.
Where do my tax dollars go?
Tax dollars support County services such as: Health and Human services, emergency services and public safety, schools, libraries, and much more.
Are assessments based solely on the home or does land size/location factor in?
Land size and location are both factors that influence assessment. There are separate adjustments to be made during assessment that include land size, type of land, road frontage, view, and area type (rural, suburban and subdivisions, and urban).
How are property assessments equitable?
Assessment performance measurements are tools that appraisers use to measure the accuracy and equitability of property appraisals. These are applied statistics based on the collection and analysis of local statistics. Both the appraisal level and the appraisal uniformity are measured.
How do appraisers know that assessed value is accurate if they never see a property’s interior
Not seeing interior of properties does present a challenge for appraisers. This will often promote inaccurate data. The appraiser must use the best data available to estimate value. It is important that property owners review their data and communicate with the appraiser when it is inaccurate.
Does a unique property within a neighborhood influence the market value of other homes?
No, values are estimated using only comparable properties. Therefore, if a neighborhood has one or more unique properties those would not be considered comparable and would not be used to compared to the entire neighborhood.